German banking major Deutsche Bank has launched its Asia Pacific innovation lab in Singapore.

The launch of the new lab is part of the German bank’s strategy to digitalise services and adopt new technologies.

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Besides Singapore, the bank has innovation labs in Berlin, London, New York and Palo Alto.

The new Asia Pacific Innovation Lab will focus on identifying best start-up opportunities across the region to scale globally across the bank’s platform.

Deutsche Bank Asia Pacific CEO Werner Steinmueller said: “Asia, particularly Singapore, is proving to be fertile ground for talented startups and we are very excited about the potential for partnerships here.

“The establishment of our newest Innovation Lab in Singapore is just the latest expression of our continued commitment and investment in our Asia Pacific platform, where we see abundant opportunity.”

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Deutsche Bank Innovation Lab Objectives

Deutsche Bank’s innovation labs associate with promising start-ups and utilise their technologies in its business.

The bank utilises a systematic Venture Capitalist engagement programme to evaluate the fintechs brought by the start-ups with accordance to their need.

Subsequently, it invests in the promising fintechs. Recently, it invested in Modo for digital payments and Quantiguous Solutions for open banking.

To date, Deutsche Bank has communicated with more than 3,000 companies and has delivered solutions across banking segments including retail, wealth, compliance and operations.

Commenting on the opening of Singapore lab, Deutsche Bank head of innovation Luc Mériochaud said: “The APAC Innovation Lab in Singapore completes our global network, and will allow us to source the best startups globally to address business needs wherever they may arise.”