Singapore: Australia and New Zealand-based banking group, ANZ, has launched an innovation lab, called ANZ BlueSpace, in Singapore as it looks to work with fintech participants from industry, academia and government.
ANZ will tap into Singapore’s “thriving fintech community” and develop capabilities for its institutional customers.
David Green, ANZ CEO Singapore and head of South East Asia and India, says: “Singapore’s emerging position as a global fintech hub makes it an ideal base and testbed for us to solve current business challenges with new solutions.”
The lab opening follows an innovation challenge that ANZ jointly organised with the National University of Singapore Business Analytics Centre in September this year.
The event challenged students to explore how emerging technologies, such as blockchain, cognitive analytics and application programming interfaces (APIs), can bring innovation to trade and supply chain solutions in Singapore and the Asia Pacific region.
Recently, ANZ opened up its mainframe and two banking systems to about 20 APIs. The move is a way of getting around replacing its systems – in this case the legacy CAP deposits and loan system and Vision Plus credit card platform.