Deutsche Bank opens innovation lab in Singapore

MAS deputy managing director Jacqueline Loh with Deutsche Bank CEO for Asia-Pacific Werner Steinmueller at yesterday's launch.
MAS deputy managing director Jacqueline Loh with Deutsche Bank CEO for Asia-Pacific Werner Steinmueller at yesterday's launch.PHOTO: DEUTSCHE BANK

Deutsche Bank launched its first Asia-Pacific innovation lab in Singapore yesterday, and will develop ideas with start-ups for its wealth management business.

The German bank declined to disclose an investment figure for the lab.

It said its innovation labs are part of its drive to digitalise and embrace emerging technologies for the benefit of clients.

For its Singapore lab, finding the best start-up opportunities across the Asia-Pacific to scale globally across the bank's platform will be a key objective, said Deutsche Bank.

It added that Singapore's addition will ensure the bank's Asia-Pacific businesses are plugged into its global innovation platform.

The bank has other innovation labs in Berlin, London, New York and Palo Alto. Singapore's innovation lab is the first of the labs at Deutsche Bank to be housed within the bank itself.

Deutsche Bank chief executive officer for Asia-Pacific Werner Steinmueller said: "Asia, particularly Singapore, is proving to be fertile ground for talented start-ups and we are very excited about the potential for partnerships here."

 
 

Deutsche Bank noted that US$48 billion (S$66.3 billion) was invested last year in Asia-Pacific start-ups, with US$1.2 billion going into Singapore ones.

This support indicates the level of investor appetite for innovative business solutions from the region's entrepreneurs, it said.

Yesterday, the Bank of China (BOC) also launched in Singapore its first global fintech innovation lab to spearhead its worldwide research activities.

The facility, housed in the BOC Building in Battery Road, will also showcase blockchain, artificial intelligence, big data and cloud technologies, and has a robot customer service officer.

Ms Sim Ann, Senior Minister of State for Culture, Community and Youth, and Communications and Information, said the lab's opening marks an important milestone in Singapore's financial cooperation with China.

A version of this article appeared in the print edition of The Straits Times on November 15, 2018, with the headline 'Deutsche Bank opens innovation lab in Singapore'. Print Edition | Subscribe