Australia's Westpac launches Singapore innovation lab

co.lab will help Australian fintechs crack the Asian market.

Australian bank Westpac has unveiled an Asia innovation hub called co.lab in Singapore as it aims to ease the growth plans of fintech firms zeroing on Asia's fast-evolving fintech market.

Beyond serving as a springboard for Australian fintech, co.lab aims to enhance local partnerships by providing an open and collaborative platform pooling the bank’s capabilities and fintech talent especially in the areas of RegTech, Data Analytics, AI and Payments.

“Westpac’s co.lab is poised to leverage Singapore’s vibrant fintech ecosystem and leading regulatory landscape, as well as the incredible pool of talent as it looks to develop the city as a Smart Financial Centre,” Michael Correa, general manager, Asia Pacific said in a statement.

Westpac’s co.lab in Singapore will leverage Austrade’s Landing Pad, Singapore – one of 5 Landing Pad cohorts that provide market-ready access for Australian startups.

The bank's investment into co.lab coincides with a launch of its inaugural fintech report on the ASEAN in time for the Singapore Fintech Festival.