The Bank of New York Mellon (BNY Mellon) is set to open a new innovation centre in Singapore that will focus on creating data-driven market solutions through partnership with Asian fintechs and customers.

The Singapore Innovation Center will design solution within the banks digital ecosystem NEXEN, which consolidates solutions from the bank, select third-parties and clients globally onto one single platform.

Scheduled to open on 17 November 2017, the new facility will be BNY Mellon’s eighth innovation facility.  The other seven facilities are located in Pune, the first centre established in 2014, Silicon Valley, Jersey City, Chennai, London, Pittsburgh, and Central New York.

BNY Mellon chairman of Asia Pacific Stephen Lackey said: “The opening of our eighth Innovation Center in Asia is a reflection of the region’s rapidly developing innovative technology and fintech landscape, as well as the increasing importance of Asia to BNY Mellon’s business.

“As our largest branch office in Asia Pacific, the Singapore Innovation Center reinforces BNY Mellon’s commitment to the region’s advancement in transformational technology in financial services and compliments the Monetary Authority of Singapore’s continuing ambition to establish a vibrant innovation ecosystem and to develop the city as a Smart Financial Center.”

BNY Mellon senior executive vice president and chief information officer Suresh Kumar: “Technology is one of the key accelerators of change in our business and we pride ourselves on being at the forefront.

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“BNY Mellon has a rich history in innovation marked by delivering technology-enabled solutions that power the world’s investments. Our approach covers all critical phases of enterprise innovation and we continue to work side-by-side with clients and fintech firms to create valuable digital offerings.”

BNY Mellon Asia Pacific head of client technology solutions Hans Brown said: “The BNY Mellon Innovation Center in Singapore is designed to take clients through a digital journey by leveraging NEXEN technologies to showcase the power of Application Program Interfaces (APIs).

“With unallocated seating and no audio or visual barriers on the engineering floor, the open plan space offers a collaborative environment that encourages innovation. We are excited about opening this unique offering in Singapore; a place with strong talent pools and a well placed financial technology landscape.”