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HONG KONG, CHINA--(Marketwired - Jan 19, 2016) - Commonwealth Bank of Australia (Commonwealth Bank) has today launched an Innovation Lab in Hong Kong and announced plans to launch an Innovation Lab in London later this year. This innovation network is a natural extension of the Bank's successful Innovation Lab in Sydney and creates a global approach to innovation that connects customers, employees and start-up communities to the latest FinTech developments.
Kelly Bayer Rosmarin, Group Executive, Institutional Banking and Markets, Commonwealth Bank said, "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. 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."
The Hong Kong Lab's three main zones encourage collaboration and drive experimentation.
"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. In just one year, the Sydney Innovation Lab hosted over 40,000 guests, successfully built a live blockchain and collaborated with major Australian corporates, government organisations and universities to experiment with future technology. This innovation space has strengthened our culture of innovation and we look forward to continuing this success on a global scale," Ms Bayer Rosmarin said.
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."
For more information on the Innovation Lab visit commbank.com.au/innovationlab
About Commonwealth Bank of Australia
Commonwealth Bank is Australia's leading provider of integrated financial services, including retail, premium, business and institutional banking, funds management, superannuation, insurance, investment and share-broking products and services.
Commonwealth Bank's Institutional Banking & Markets (IB&M) division has a strong presence in Hong Kong and Asia more broadly. IB&M has core capabilities across transactional and working capital banking, debt financing solutions, financial markets and risk management products. The business is responsible for developing and providing products to major corporate and government clients active in our specialist sectors of transport, utilities, natural resources and financial institutions. IB&M also service Australian and New Zealand clients active in cross border trades and investments. Institutional Banking & Markets' global reach extends through offices in Auckland, Beijing, Hong Kong, Houston, London, New York, Shanghai, Singapore, Tokyo and throughout Australia.
Commonwealth Bank's International Financial Services division is also based out of Hong Kong and manages the retail and SME business in emerging markets and has operations in Indonesia, China, Vietnam, India and South Africa.
First State Investments ('FSI'), known as CFSGAM in Australia, is the investment management business of the Commonwealth Bank of Australia, and has offices in Sydney, Melbourne, Auckland, London, Edinburgh, Paris, Frankfurt, Hong Kong, Singapore, Jakarta, Tokyo, New York, Louisville and Dubai. FSI provides a range of product solutions to institutional investors, pension funds, wholesale distributors, investment platforms, financial advisers and their clients globally across a diverse range of asset classes.
MEDIA FACTSHEET - LAUNCH OF HONG KONG INNOVATION LAB
Commonwealth Bank's Recent Innovation Highlights
"I admire them [Commonwealth Bank] because they are really ahead of the rest of the world in banks in stepping into the future. There are a couple of banks similar in the US, but mostly around the world, the banks are not very progressive and are not seeing the change in people's lives brought by mobile internet. Everything is becoming closer to us and so simple. Credit cards are worldwide standards, but we don't have that yet for mobile payment systems....This bank is a leader in thinking about this." Steve Wozniak, Apple co-founder ( Australian Financial Review, December 2014 )
Hong Kong Innovation Lab design
Every aspect of the Innovation Lab has been designed to spark curiosity, invite fresh viewpoints, provide hands-on immersion. The Lab has three zones: incubation garage spaces, collaboration hub and usability room.
Incubation Garage Space
Other features & experiences:
Sydney Innovation Lab
During 2015, the Sydney Innovation Lab:
Our commitment to co-creating with our clients in the Lab has untapped new opportunities for our clients.
The Lab has inspired future thinking in payments through the operation of our own blockchain network which is sparking interesting ideas around potential use cases.
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