UOB floors the gas pedal on FinTech with new innovation lab

It’s innovate or be left out for banks.

UOB takes its FinTech initiatives to the next level with the FinLab, which will be built in cooperation with Infocomm Investments, a wholly-owned subsidiary of Infocomm Development Authority of Singapore.

According to a statement by UOB, FinLab will have an issued and paid-up capital of up to $3m, and will be an associated company of UOB.

Furthermore, UOB says the lab will accelerate the growth of trailblazing FinTech startups and innovators in the region through accelerator programs.

“In particular, it aims to help develop innovative startups that are focused on creating solutions in areas such as payments, wealth management, customer experience management, big data analytics, mobile banking and SME banking,” says Joyce Sia.