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:

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