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Commonwealth Bank of Australia opened its Innovation Lab in Hong Kong today (January 19), as part of the bank's global innovation network expansion and leveraging Hong Kong's unrivalled location and the city's status as the financial technology (fintech) hub in Asia.
The Secretary for Financial Services and the Treasury, Professor K C Chan, was one of the officiating guests at the opening ceremony of the Commonwealth Bank Innovation Lab. The lab, located in downtown Central, has three main zones: the incubation garage space helps cross-functional project teams work together; the collaboration hub encourages co-creation with clients to identify bespoke solutions, specific challenges and test prototypes; and the usability room provides clients with a live testing facility and the latest technology to improve their digital platforms. The bank had earlier set up a similar lab in Sydney and is planning to open another one in London later this year.
The Commonwealth Bank Group Executive, Institutional Banking and Markets, Ms Kelly Bayer Rosmarin, said, "Hong Kong's highly developed financial sector, strong entrepreneurial culture and proximity to the Mainland makes it the optimal location for us to establish an innovation presence in Asia. The Hong Kong Lab will allow us to partner with the brightest minds across the city's accelerator, government, university, start-up and fintech communities to further develop creative and innovative solutions for our clients."
Associate Director-General of Investment Promotion Mr Charles Ng said, "We are happy to see Commonwealth Bank launching its Innovation Lab in Hong Kong and joining the city's fast growing start-up ecosystem. Hong Kong is one of the world's leading financial centres, as well as a major information and communications technology hub in the region. These combined advantages make our city a top fintech hub in Asia."
About Commonwealth Bank Innovation Lab
The Commonwealth Bank Innovation Lab is a cutting-edge space to showcase the bank's innovation process. It allows visitors to explore the bank's latest products, while also providing the tools to work together on the next generation of products. Commonwealth Bank is one of the leading providers of integrated financial services in Australia, including retail, premium, business and institutional banking, funds management, superannuation, insurance, investment and share-broking products and services. It is the largest bank in Australia and and among the top 10 largest banks globally by market capitalisation. For more information, please visit commbank.com.au/innovationlab.
About Invest Hong Kong
Invest Hong Kong (InvestHK) is the department of the Hong Kong Special Administrative Region Government established in July 2000 to attract foreign direct investment and support overseas and Mainland businesses to set up or expand in Hong Kong. It provides free advice and customised services to help businesses succeed in Hong Kong's vibrant economy. As at June 2015, InvestHK had assisted over 3,700 companies which have created more than 40,200 new jobs in the first year of operation or expansion and over HK$99 billion of investment. For more information, please visit www.investhk.gov.hk.
For an event photos, please visit: www.flickr.com/photos/investhk/albums/72157663527219562.
Ends/Tuesday, January 19, 2016
Issued at HKT 14:26
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