Innovation Teams in Singapore

Goals

Identify big corporations in Singapore that have dedicated innovation teams in order to understand what the potential clients of Board of Innovation area doing in the area and what services they are buying. For each big corporation with an innovation team, determine what activities they are doing, what consultancies they are working with, what these companies are lacking, and what their strengths and weaknesses are.

Early Findings

Standard Chartered Bank Singapore Ltd

  • Cloud technology is one of the key components of Standard Chartered's technology strategy to enable its businesses to be more scalable and efficient.
  • Standard Chartered has an innovation lab called the eXellerator in Singapore. They worked with ThoughtWorks, a global software consultancy, to establish the lab.
  • The eXellerator aims to explore the use of emerging technologies and data science for sustainable business solutions.
  • In Singapore, Standard Chartered has partnered with DBS; the Infocomm Development Authority; Agency for Science, Technology, and Research; and Institute for Infocomm Research.
  • Standard Chartered Singapore has been exposed to risk of legal action since 2012 because they lack even basic data to document the sources of clients' wealth.

DBS Bank

  • DBS Bank was named the world's best bank by Global Finance magazine in 2018 due to its success in digital innovation.
  • DBS has launched innovations like POSB Smart Buddy and has collaborated with the Singaporean government to create a blockchain platform called the ICC TradeFlow.
  • While the bank's innovation in customer-facing functions is more visible, it has also supported innovation in functions like marketing, human resources, and auditing.
  • DBS has an innovation team that focuses specifically on creating an innovative culture within the bank.

Proposed next steps:

You need to be the project owner to select a next step.
Based on our preliminary research, we found a diversity of publicly available information on the activities of innovation teams in Singapore. We recommend continuing our research through the table that you provided. The table lists 33 companies, 20 of which have innovation teams with 5 or fewer people. We recommend creating four requests to research the companies with five or fewer people in the innovation team, and four requests to research the remaining 13 teams with 6 or more people on the innovation team. For each company, we would identify the following information: (1)the main focuses/ activities of the teams; (2) the consultancies, if any, that they working with; (3) the challenges or unmet needs facing the company; (4) any additional strengths and weaknesses of the company.
Alternatively, we could focus on identifying trends in the innovation teams of major corporations in Singapore in order to determine areas of growth or overpopulated areas. We could identify 4-5 trends. For each trend, we would describe the trend, explain why it is a trend, and name a company participating in the trend.