AXA group plans new data lab in Singapore, investment centres in other Asian cities

SINGAPORE - French Insurance group AXA plans to accelerate investments in Asia by creating three new investment and innovation centres which will tap into Asia's growing pool of entrepreneurship and business talent.

The Data Innovation Lab in Singapore will be a business-centric centre fostering research and development, modeled on an existing one in France, the company said in a release Friday.

The goal is to offer customers "products and services they need" all the while protecting their privacy, said Philippe Marie-Jeanne, Director of the Lab.

Hong Kong will host the AXA Strategic Ventures which will invest in innovations in the insurance, asset management, financial technology and healthcare service industries. It will be modeled on similar ones in New York, Paris, London and other cities.

Shanghai will host the AXA Lab Asia, modeled on the structure in Silicon Valley in the United States, the release added.

"Asia represents a major strategic focus for the AXA Group," said Henri de Castries, Chairman and CEO of AXA. "We are confident that these new structures will prove decisive in identifying untapped opportunities to accelerate our digital transformation and ultimately better protect our clients" he said.