OCBC Bank has set up a new financial technology (Fintech) unit called ‘The Open Vault at OCBC’ to drive the ideation, prototyping and deployment of new technologies, innovative commercial business models and solutions to bring to market relevant financial products and services, and to enhance banking processes.
With the mushrooming of Fintech start-ups around the world, OCBC Bank aims to leverage the creativity and nimbleness of Fintech start-up companies – which are unconstrained by banking regulatory frameworks and bureaucracy, and which operate with a penchant for out-of-the-box thinking – to drive open innovation and help OCBC Bank develop relevant ideas to fuel breakthroughs in banking and insurance.
Led by Pranav Seth, OCBC Bank’s head of e-business and business transformation, The Open Vault at OCBC is focused on opening OCBC Bank’s doors to external innovation and ideas.
The setup of OCBC Bank’s Fintech unit and The Open Vault at OCBC innovation lab is a step towards realising the Singapore government’s Smart Nation Programme and Monetary Authority of Singapore’s (MAS) vision to create a Smart Financial Centre in Singapore. Working together with MAS, OCBC Bank aims to magnify its culture of innovation in the financial industry through its accelerator and education programmes.
The Open Vault at OCBC has partnered exclusively with NEST, a leading global investment and start-up incubation firm, to attract innovators from around the globe who are passionate about developing new technologies, as well as local innovators, to participate in OCBC Bank’s inaugural accelerator programme.
Samuel Tsien, OCBC Bank’s chief executive officer, said: “I am excited about the launch of The Open Vault at OCBC, a stand-alone Fintech unit that will harness ideas from the fast-evolving global arena of financial technology.”