UOB sets up innovation lab in JV with IDA
UNITED Overseas Bank (UOB) on Monday said it has partnered Infocomm Investments Pte Ltd - the investment arm of the Infocomm Development Authority of Singapore (IDA) - to set up an innovation lab for fintechs from this region, and its employees.
Over the next two years, this joint venture - known as the FinLab - is aimed at at least 30 start-ups from the region through a series of three-month programmes. The start-ups are expected to look into areas such as payments, wealth management, and mobile banking.
Under this programme, some 30 fintechs will be offered up to S$30,000 of funding, a working space, software access, and mentorship from UOB bankers. Through each three-month cycle of building and pitching of products, 10-15 UOB staff are expected to take part.
The programme is expected to start in the second quarter of 2016.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Japanese yen slides back towards 34-year low after brief spike
China’s Bank of Communications Q1 profit rises 1.44%
HSBC’s private bank shuts independent asset management business in HK, Singapore
Nomura Q4 net profit jumps almost eight-fold on retail income surge
Rescue pup to meme star: the real-life ‘Dogecoin’ dog
Money laundering accused Zhang Ruijin slapped with 5 more charges days before scheduled guilty plea