FinTech Innovation Labs

To create a vibrant ecosystem for innovation in Singapore’s financial services sector, MAS encourages financial institutions to set up innovation labs to nurture a culture of innovation in Singapore’s financial services sector.

View the list of innovation labs located in Singapore to test-bed innovative ideas and roll out market solutions:

Lab Description
Accenture Innovation Hub Singapore

Located in the heart of Singapore’s city centre, the Accenture Innovation Hub is a newly-launched 16,000 square foot facility infused with capabilities to help clients address their toughest industry challenges and keep pace with rapid change.

At the Innovation Hub, ideas are transformed into innovative solutions through design thinking – it begins with shaping of client-specific solutions, followed by rapid prototyping before implementation at scale.

Allianz Asia Lab

Allianz Asia Lab welcomes collaboration with technological disruptors, digital entrepreneurs and start-ups to identify new ways to meet customer needs along the insurance value chain.

Together with you, Allianz Asia Lab aims to pioneer the next-generation of innovative solutions in fields such as health, mobility, insurtech, analytics and cyber security. Together we will reinvent the way insurance is delivered and experienced in Asia.

Aviva Digital Garage

In its capacity as a global and regional centre of digital, analytics and innovation excellence, Aviva’s Digital Garage will bring together four functions:

  • Innovation and New Business: will turn radical and disruptive ideas into digital prototypes that can be tested in the market.
  • Digital Projects: which make life easier for customers, and digitalise Aviva’s businesses around Asia.
  • Digital Businesses: which have extensive experience of helping real customers, will bring a commercial edge to the Garage.
  • Collaborators: who will bring their respective expertise to the Garage Digital is a central part of Aviva’s group strategy, because its customers are increasingly choosing this as their preferred way to interact with the brand.
ANZ Innovation Lab

ANZ BlueSpace is ANZ’s innovation lab which is used to encourage dynamic dialogue, fresh thinking and ideation to help accelerate their Institutional banking capability and support ANZ’s customers with their own innovation.

The innovation lab has been instrumental in facilitating collaboration with the thriving FinTech ecosystem in Singapore, and incubating several disruptive ideas leading to the development of prototypes to support their customer-centric agenda.

AXA Digital Hive

The Digital Hive is AXA’s place to break boundaries, test, innovate, create and understand the possibilities and opportunities for the Singapore market.

It’s where AXA Singapore monitors and drives continuous improvement in all our digital offerings and creates new and innovative solutions for their customers.

It is the key venue to showcase AXA Singapore’s digital capabilities, and facilitate the sharing of ideas both internally within AXA and externally with their partners and stakeholders.

BAASIS Lab by Mbanq BAASIS Lab (by Mbanq) is a start-up accelerator, launched by Life.SREDA Venture Capital and powered by Mbanq, the global digital banking enabler and Banking-as-a-Service (BaaS) platform, based out of San Francisco.
Bank of China Innovation Lab

Persistently enabling advancement through technology and driving development through innovation, BOC aims to build a world-leading financial technological centre in the new era.

With accelerated evolving of financial products, high technologies and faster adaption to the market trends, the Innovation Lab will further drive BOC’s business growth and promote the regional development. With the establishment of the three-tier innovation management system, the BOC Head Office chose Singapore to set up its first global Innovation Lab in 2018.

As the first global innovation lab launched by Bank of China, BOC Innovation Lab Singapore possesses strategic significances and aims to create a unique innovation culture and to provide an effective exchange platform, redefining the working mode of Bank of China in the future.
BNP Paribas Design Factory Asia

BNP Paribas Design Factory Asia was set up in June 2017 to create a space where all business lines within BNP Paribas can co-create.

Here, scrum teams formed by individuals from across the bank work together to solve client problems and address business needs.
The teams are guided by agile methodologies and design thinking principles, working with the start-up eco-system and corporate solution providers to bring these solutions to life.
BNY Mellon Singapore Innovation Center

The Singapore Innovation Center was launched by BNY Mellon in November 2016.  It is part of the ninth global centers around the world.
The centre focuses as well as facilitates the collaboration with FinTechs and Clients to create evidence-based, data-driven management solutions and building relationships that move beyond defining problem statements to develop innovative solutions. 

Capgemini Applied Innovation Exchange

The Applied Innovation Exchange (AIE) is Capgemini’s global platform that leverages a framework for action, a network of exchange locations, and a high-performance engagement experience together with a broad community of designers, technologists, sector experts, business and technology partners, academics, research organizations and startups.

The AIE is designed to enable enterprises to discover relevant innovations and to contextualize and experiment with them within their specific industry. The cohesive network of Exchanges provides organizations an immersive and transformative environment for the exploration, discovery, testing and application of innovation, as well as the rapid deployment at scale and sustainability of their target business impacts.

Citi Innovation Lab

In line with its strategy to be the world's leading digital bank, Citi is focused on developing a culture of innovation across its institutional and consumer businesses.

Citi's global network of innovation labs located in Dublin, Tel Aviv, Singapore and New York explore and test new ideas, technologies and solutions to accelerate product roadmaps and expedite commercialization opportunities for our consumer, markets and transaction banking businesses.

Each lab has its unique focus and areas of expertise, but share best practices and are designed to provide a globally consistent experience. Together with Citi Ventures, the labs also drive the growth agenda for Citi through a global corporate entrepreneurship program.

DBS Asia X

DBS has been deeply immersed in furthering our digital transformation agenda. This includes embarking on a comprehensive and holistic mission to changing the culture and mindset of staff, re-architecting the bank’s technology infrastructure, and leveraging Big Data, biometrics and artificial intelligence to reimagine banking.

DBS Asia X (DAX) is a space where DBS collaborates with start-ups and the broader FinTech community to reimagine, inspire and create the future of innovation.

Located at the Sandcrawler Building in Fusionopolis, DAX is at the heart of Singapore’s start-up ecosystem. With full access to project pods, journey rooms, agile co-working spaces for up to 100 people, innovation showcases and recreation areas, residents at DAX are free to go to their favourite spots for away-from-desk conversations. The 16,000 square feet environment also houses an auditorium to hold informative talks and workshops.

Deloitte Greenhouse

The Deloitte Greenhouse is an innovation and problem-solving accelerator, where we take business leaders out of business as usual, and into a Lab experience where every element has been consciously-designed to accelerate problem solving, achieve alignment and prioritize action plans.

The Southeast Asia team specialises in Strategy Labs, Customer-Centric Innovation Labs, and Business Model Innovation Labs.

Deutsche Bank Innovation Labs Deutsche Bank Innovation Labs are a focal point for innovation with a simple, practical role: they connect startups to decision makers within Deutsche Bank. In this way, they help Deutsche Bank adopt emerging technology solutions that enhance, improve and reimagine the way we serve their clients.
EY wavespace

EY wavespace™ in Singapore focuses on the disruptive technologies of intelligent automation, including artificial intelligence, machine learning, blockchain and robotic process automation, among other digital capabilities.

The centre seeks to combine EY insights in disruptive technologies with deep industry domain knowledge and market experience. The Singapore center is one of 18 flagship EY wavespace™ centers worldwide, and seamlessly connects with other flagships to enable global collaboration across the wavespace™ centers.

HSBC Singapore Innovation Lab The opening of the HSBC Singapore Innovation Lab was the first of such a dedicated and strategic space for the bank in Asia Pacific.
Launched in 2015, the Lab focuses on driving and developing the next generation digital and mobile banking needs of corporates with a particular focus on cash management, liquidity, trade and supply chain. Staffed with a team of business and technology experts, we partner with clients, technology firms, academia and the government to generate new ideas and concepts for prototyping. Cutting-edge client propositions will be put to trial through business simulations to derive practical insights into digital disruptions, and fine-tuned before being fully launched in the market.

The lab continues to be a key incubator for HSBC’s world-wide innovation programme, leveraging our international reach and connectivity to accelerate and amplify the benefits and opportunities to our clients with international ambitions.

IAG Firemark Lab

IAG Firemark lab is focusing on frontier innovation capabilities related to data and AI. Dedicated team of innovation, data & AI experts. Identify and understand data and analytics opportunities  and challenges.

They incubate scalable AI and data opportunities by testing, building and scaling propositions that are unproven but have potential to deliver new risk insights or enable adjacent market entry.

They learn by doing, build in-house and partner with corporates, research institutions and start-ups.
ING Labs Global challenges need global solutions. That’s why we collaborate with others, both on existing platforms and on new ones we have yet to create. We explore, experiment and validate in a structured innovation process that includes governance and funding for our ventures and the partners we work with. These can be start-ups, scale-ups, researchers, entrepreneurs, or other corporates.
It’s about mutually beneficial partnerships that turn ideas into scalable solutions. ING believes in a world where digital solutions enable anyone to trade in a seamless and transparent fashion. At ING labs, we create ventures and partnerships that leverage new technologies and connected ecosystems, through fast and agile prototyping.

The scope of ING Lab in SGP is Global Trade, and not just Trade Finance. Global trade is a strong contributor to wealth and economic growth. The offline, analogue world is transforming towards a digital, aggregated world where DLT, cloud, IoT and advanced analytics allow companies across the globe to optimise their supply chain. We build - and invest in - ventures that are making a move in this value space.

Julius Baer's Launchpad Launchpad is the innovation lab of Bank Julius Baer. Disruption in financial services is accelerating, changing the way people bank and how the world does business. Set up in 2021, Launchpad is one of the drivers for Julius Baer to adapt to an evolving environment and build the future of Private Banking. The mission of Launchpad is to actively drive innovative solutions for Julius Baer, by identifying, conceptualizing and incubating new business models, services and technologies that add value to our clients and the bank in Asia.
KPMG Digital Village

KPMG Digital Village helps business on their innovation journey - whether it's building an innovation culture, developing innovative solutions, or investing in the next big idea to add value to the core business.

Like a living lab for innovation, KPMG Digital Village brings corporates, start-ups, investors and government bodies together in a collaborative ecosystem to drive the adoption and integration of innovative solutions, and deliver tangible outcomes to specific business challenges.

LongHash  LongHash is a global blockchain incubator with 6 physical offices around the world (Shanghai, Singapore, Hong Kong, Tokyo, Berlin, Zug) with plans to expand to 10 locations by Q2 2019. Our mission is to accelerate the development and understanding of blockchain technology. LongHash is also a member of the Singapore FinTech Association and ACCESS
LumenLab (MetLife Innovation Centre)

LumenLab is MetLife Asia’s innovation centre. Based in Singapore, they are MetLife’s pioneers for disruptive innovation charging ahead to create new businesses in health, wealth and retirement.

Through their focus on building new products and services grounded in data and technology, they aim to help people achieve richer and more fulfilling lives. By creating an insights-driven engine, they are committed to driving a culture of innovation at MetLife to uncover new businesses and fundamentally reshape how the industry engages with its customers.

Mastercard Lab

Since its inception in 2012, Mastercard Labs in Singapore has been the hub of innovation in Asia Pacific, bringing smart, innovative payments and commerce solutions to market.

During the same period, they have formed deep relationships with over 150 Fintech start-ups to solve the biggest industry challenges and scale the solutions for consumers, financial institutions, businesses, merchants and governments.

They are a team of technologist, designers, challengers, go-getters who work collaboratively with subject matter experts globally to dream up and execute next generation innovations in commerce. Where others take a “wait and see” approach; they are more likely to say “let’s make it happen”.

MUFG Innovation Centre  -
OneConnect Innovation Lab  -
PayPal Innovation Lab

PayPal Innovation Lab helps foster innovation, R&D, entrepreneurship and capability building in Singapore through collaboration with government agencies, Institutes of Higher Learning (IHL), industry associations and ecosystem partners. Incepted in 2016, PayPal Innovation Lab’s key focus areas are: 

  • Incubation: Developing and nurturing the next generation of FinTech start-ups alongside PayPal’s technology development centre.
  • R&D: Conceptualizing the Future of Money in a Smart Nation through its R&D centre and think tank.
  • Small & Medium Enterprise (SME): Supporting and enabling local businesses in the areas of payments and e-Commerce.
Prudential Innovation Lab  -
R3 Asian Center R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 200 members and partners across multiple industries from both the private and public sectors to develop on Corda, their open-source blockchain platform ,and Corda Enterprise, a commercial version for enterprise usage.
The Corda platform is already being used in industries from financial services to healthcare, shipping, insurance and more. It records, manages, executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.
Refinitiv Applied Innovation Lab With labs in New York, London, Cape Town, San Francisco and Singapore, the Refinitiv Applied Innovation team is a global network of data scientists, engineers and designers. With data and information at the core of their business, the lab applies data science, data visualisation and advanced user experience to co-create quick, agile and collaborative experiments and proofs-of-concept with customer, partners and FinTech start-ups.
ReMark (a SCOR Group company)   ReMark is a global insurance consultancy helping insurers worldwide grow sustainably. Part of the SCOR Group, they are specialised in data intelligence, marketing and technology solutions. Globally, they've reached over 1 billion people, ran over 12,000 campaigns and underwrite over 1 million policies each year. They believe in using technology and making products that have a sustainable impact on people's health and wellness. Their Global Consumer Study is the world's largest survey of insurance consumers, published annually and relied upon by industry leaders to keep them informed on current consumer trends.
SCB eXellerator lab The eXellerator lab is part of SC Ventures, a business unit created in Standard Chartered Bank to promote innovation, invest in disruptive financial technology and explore alternative business models.
Focused on “rewiring the DNA in banking”, SC Ventures leverages human-centric design, a lean start-up approach and FinTech enablement, while nurturing an intrapreneurial culture by empowering people to take initiative.
SMBC Asia Retail Innovation Department (ARID) Asia Retail Innovation Department’s vision and mission to develop and execute SMBC’s retail business in Asia, ARID has a Laboratory team which comprises business product owners and IT solutions development team. The combined Lab team develops digital banking products, solution and prototypes, for our affiliated banks and partner banks.
Shanghai Pudong Development Bank Singapore Innovation Centre

In January 2021, Shanghai Pudong Development Bank (SPDB) established the SPDB Singapore Innovation Centre - its first overseas innovation lab.


The centre aims to forge international partnerships that add values to the bank's digital finance ecosystem and provide a platform to incubate innovations. It also seeks to explore collaborations to develop innovative financial products and services through the application of cutting-edge technologies such as artificial intelligence, blockchain and open banking technology, to various business scenarios.


The centre also serves as a liaison for SPDB to connect and enrich the FinTech ecosystems of China and Singapore.

Solaria Labs (Liberty Insurance)

Solaria Labs was created with one simple mandate: to create new products and services that make a better, safer future for us all. Backed by Liberty Mutual, a Fortune 100 insurance company, Solaria Labs started in 2015 and expanded its operations to Singapore in June 2017. As a lab, they not only explore disrupting the traditional insurance models, but also diversifying into new products and sectors including the Freelance Economy, Logistics, and Cybersecurity. 

Since their inception, they have launched products including All Set (recently acquired), a platform which connects users with quality home-service providers, and Total Home Score, a data service which helps home buyers, renters, and real-estate professionals understand a home's complete value by calculating scores related to surrounding noise and road quality.
Synechron FinLabs

Synechron FinLabs acts as an innovation hub - allowing their clients to reap the benefits of our digital R&D investment and scale transformative ideas with access to the brightest minds using cutting-edge technology. Synechron combines the “Power of 3” - business process knowledge, digital design and core technology delivery excellence - to drive transformative solutions.

Here, clients can actually touch and feel the latest digital technologies and be energized and inspired to develop transformative solutions. Visitors can do everything from role-playing the customer journey through a typical digital engagement scenario in order to understand the impact of beacons, drones, biometric authentication and virtual reality, to prototyping around new technologies like AI and blockchain.

The FinLab

The FinLab, a joint venture between UOB and SGInnovate, is a business accelerator that propels the growth of technology companies and catalyses the digital transformation of businesses.

Since their inception in 2015, The FinLab has run two acceleration cycle for financial technology (FinTech) companies. In the third cycle of The FinLab’s programme, they have expanded their portfolio to focus on matching the supply of innovative FinTech and technology solutions to meet the needs of SMEs that are embarking on the digital transformation journey.

The Open Vault at OCBC

The Open Vault at OCBC (TOV) was set up to help OCBC Group accelerate innovation by leveraging the latest technology. TOV focuses on collaborating with external FinTech firms to rapidly test and validate new ideas and solutions – before bringing winning prototypes quickly to the market. In becoming digital leaders and heroes, they also create and support a mindset shift among the people in OCBC.

In 2018, OCBC Bank was awarded "The Best Innovation Centre by Financial Institution in Singapore for 2018" by The Asian Banker.

UBS Evolve

EVOLVE's vision is to transform the way they provide services to our clients and staff. EVOLVE aim to do this by developing solutions that meet the needs of our fast growing wealth management clientele in Asia. EVOLVE leverage technology as a catalyst to drive innovation and engage internal talent to develop future business capabilities. Alongside this,

EVOLVE apply a design thinking approach to co-create innovative solutions that support a sustainable innovation culture within the UBS group.

VISA Innovation Centre

The Visa Innovation Centre Singapore is part of Visa's global network of centres, and their first Centre in Asia Pacific. 

They have created a space that provokes curiosity and creativity, so that Visa can work with their partners to explore and build the future of commerce together.