Commonwealth Bank of Australia opens innovation lab in Hong Kong

The Commonwealth Bank of Australia on Tuesday opened its innovation lab in Hong Kong, as part of the bank's global innovation network expansion and leveraging Hong Kong's unique location and status as the financial technology hub in Asia.

The Commonwealth Bank Group Executive, Institutional Banking and Markets, Kelly Bayer Rosmarin, said "Hong Kong's highly developed financial sector, strong entrepreneurial culture and proximity to the Chinese mainland makes it the optimal location for us to establish an innovation presence in Asia."

She said the lab will allow the bank to partner with the brightest minds across Hong Kong's universities, start-ups and financial technology communities to further develop creative and innovative solutions for clients.

Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region government, Professor K C Chan, said at the launching ceremony that Hong Kong has the talents and environment for financial technology innovation and it's a good choice for the bank to set up the innovation lab here.

The lab is a cutting-edge space to showcase the bank's innovation process. It allows visitors to explore the bank's latest products, while also providing the tools to work together on the next generation of products.

Located in downtown Central, the lab has three main zones: the incubation garage space helps cross-functional project teams work together; the collaboration hub encourages co-creation with clients to identify bespoke solutions, specific challenges and test prototypes; and the usability room provides clients with a live testing facility and the latest technology to improve their digital platforms.

The Commonwealth Bank of Australia had earlier set up a similar lab in Sydney and is planning to open another one in London later this year. Endit