SINGAPORE (Nov 21): Bank of China (BOC) has launched its first global fintech innovation lab in Singapore.

The Bank of China Innovation Lab (Singapore) will spearhead and manage regional and global R&D activities. It will establish a training structure to build a pipeline of talents and foster financial innovation and research collaborations with partners such as fintech firms, institutes of higherlearning and the government.

BOC will also conduct R&D and showcase its cutting-edge technologies and latest innovations at the lab.

Visitors to the lab’s showcase at Bank of China Building on Battery Road can experience ‘ABCD’ technologies – Artificial Intelligence, Blockchain, Cloud and Big Data.

There is a robotic customer service officer with facial recognition capabilities that quickly identifies individual clients and their preferences.

Visitors can also experience how the bank’s customers in China tour car exhibitions or houses for sale at different parts of the country via Virtual Reality (VR) and seal the deal on the spot.

A further 1,000 sqm of collaboration and R&D space is located at Bank of China Plaza in Middle Road.

Liu Liange, President of BOC, says, “In the 82 years that Bank of China has been in Singapore, we have witnessed Singapore’s evolution into a leading financial centre. Today, we see its government’s drive towards fintech and innovation. Bank of China is committed to becoming a world-class bank in the new era. The Bank of China Innovation Lab (Singapore) marks a new milestone in our journey in Southeast Asia as we lead the future with technology from Asia’s fintech hub, Singapore.”