Singapore’s OCBC Bank has set up a new financial technology unit known as The Open Vault at OCBC.
Located in a specially-created 2,400 square feet space on New Bridge Road, the new unit will allow fintech startups to work with in-house experts to test ideas and develop actual solutions.
The areas of focus for the unit include wealth management, credit and financing, insurance, cybersecurity, and artificial intelligence.
The Open Vault at OCBC will be spearheaded by the bank’s e-business and business transformation head Pranav Seth.
In addition, the new unit has collaborated with startup incubation company Nest to roll out its inaugural accelerator programme that is scheduled to commence in April 2016. The programme will offer selected firms business mentorship, technical expertise from the bank, and guidance from NEST experts and partners.