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Commonwealth Bank establishes an innovation lab in Hong Kong

Nurdianah Md Nur | Jan. 26, 2016
The move supports its efforts of creating a global innovation network that connects customers, employees and startup communities to the latest FinTech development.

Commonwealth Bank Innovation Lab HK opening
Commonwealth Bank's Innovation Lab with (from left) Kelly Bayer Rosmarin, Commonwealth Bank of Australia Group Executive Institutional Banking & Markets; Professor KC Chan, Secretary of Financial Services and the Treasury and Paul Tighe, Australian Consul-General.

The Commonwealth Bank of Australia recently launched an Innovation Lab in Hong Kong as part of its efforts to create a global innovation network that connects customers, employees and startup communities to the latest FinTech development.

According to the bank, the lab will be divided into three zones - all of which will encourage collaboration and drive experimentation. The first zone is the incubation garage space, which will help cross-functional project teams work together on bringing ideas to life. Next is the collaboration hub which encourages co-creation with clients to find bespoke solutions, deep dive into specific challenges and test prototypes. The usability room is the final zone and it provides clients with a live testing facility and the latest eye-tracking technology to improve their digital platforms.  

"Hong Kong's highly developed financial sector, strong entrepreneurial culture and proximity to China makes it the optimal location for us to establish an innovation presence in Asia," said Kelly Bayer Rosmarin, Group Executive of Institutional Banking and Markets at Commonwealth Bank. "The Hong Kong Lab will allow us to partner with the brightest minds across the city's accelerator, government, university, startup and FinTech communities to further develop creative and innovative solutions for our clients."

Paul Tighe, Australian Consul-General to Hong Kong said: "By launching the billion dollar National Innovation and Science Agenda last December, the Australian Government indicated that it's ready to encourage an ideas boom. We welcome the launch of the Commonwealth Bank Innovation Lab in Hong Kong, which is a demonstration that business and individuals are ready and keen to play their part in facing the challenges of the future."

Besides the lab in Hong Kong, the bank has an Innovation Lab in Sydney, which has been operational since October 2014. So far, it has "hosted more than 40,000 guests, successfully built a live blockchain and collaborated with major Australian corporates, government organisations and universities to experiment with future technology", said Bayer Rosmarin.  "The strong interest in our Sydney Innovation Lab demonstrates the emphasis business and government place on innovation as an integral part to a successful future."


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