Commonwealth Bank's New Innovation Lab in Hong Kong Highlights Its Global Approach to Innovation

The Commonwealth Bank of Australia (Commonwealth Bank) has recently 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 startup communities to the latest FinTech developments.

Kelly Bayer Rosmarin, Group Executive of 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, startup 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 incubation garage space helps cross-functional project teams work together on bringing ideas to life.

-The collaboration hub encourages co-creation with clients to find bespoke solutions, deep dive into specific challenges and test prototypes.

-The usability room provides clients with a live testing facility and the latest eye-tracking technology to improve their digital platforms.

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 organizations 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, Miss 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.

About the Commonwealth Bank of Australia:

The 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.

The 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 its 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.

The 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 Colonial First State Global Asset Management 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.