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UOB sets up innovation lab in JV with IDA

A man passes a logo of United Overseas Bank in the central business district in Singapore, in this Apr 29, 2013 file photo.

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.