OCBC launches ‘fintech’ unit for partnership with startups
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THE OCBC has launched a new unit to drive its partnership with financial technology start-ups in a bid to speed up the creation and deployment of innovative solutions at the bank.
The new unit, called Open Vault at OCBC, will bring in “fintech” startups to use the bank’s data base and interfaces to test and develop new ideas into actual solutions, with a focus on wealth management, credit and financing, insurance, cyber security and artificial intelligence.
New solutions emerging from the Open Vault will be owned by OCBC.
The banks said the launch reflected the banking sector’s heightened attention on the impact and opportunities arising from fintech solutions.
It said business disruption by fintech startups and services in the digital space had raised the question of whether big banks were nimble enough to adapt.
Increasingly, the strategies have switched from competition to partnership, an aspect highlighted by OCBC chief executive Samuel Tsien as he opened the new unit on Monday.
“We know the world of fintech is wide and deep. More good ideas can be developed by working with external partners such as fintech accelerators, technology scouts, universities and other key stakeholders in the fintech ecosystem,” Tsien said.
But he stressed that results were what counted.
“Our key focus is to deliver outcomes and value. Without this, we would not want to play in the fintech arena.” - The Straits Times
Another 19 companies
certified for
anti-corruption practices
Nineteen more companies have been certified by the private-sector Collective Action Coalition against Corruption (CAC) for their compliance to anti-graft guidelines.
The number of certified companies has risen to 152.
“Despite tougher criteria last year, the number of certified companies increased by 19 compared with [an increase of] 11 in the previous year.
“This demonstrates the private sector’s enthusiasm for putting in place anti-corruption practices,” said Bandid Nijathaworn, secretary-general of the CAC.
