Major banks are setting up innovation labs in Singapore

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Singapore has established itself as one of Asia's biggest fintech hubs. This year alone, its fintech efforts included launching a marketplace lending committee, fast-tracking fintech patents, and making efforts to boost its AI capabilities. These efforts seem to have paid off, and this week we saw three international banks establishing innovation labs in Singapore.

Here are key details about each of the projects:

The number of international players gravitating to Singapore as a hub for innovation underscores the city-state's fintech appeal.Setting up innovation hubs in Singapore will yield benefits for banks and fintechs in their home countries.

But the moves will also help Singapore to further strengthen its fintech reputation and ecosystem alike as it connects to major banking players around the world. Forming these global partnerships will help Singapore stay relevant as these banks expand and innovate further.

We already saw major banks, including China Construction Bank, open offices in Singapore. We expect to see even more to follow suit and establish a connecting point with the city-state.