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.