CBA Takes Innovation Lab Concept to the World

Two new labs to augment initial facility in Sydney.

The Commonwealth Bank is planning to create a global network of innovation labs in the hope of repeating the success enjoyed by the Sydney lab it set up in 2014.

The bank this week launched a second lab in Hong Kong and said it also has plans to launch a similar facility in London “later this year”.

“This innovation network is a natural extension of the Bank’s successful Innovation Lab in Sydney and creates a global approach to innovation that connects customers, employees and start-up communities to the latest fintech [financial technology] developments,” the bank said.

The original, 690 square metre Sydney lab had recorded strong usage in the year it had been open, said the bank’s group executive for institutional banking and markets Kelly Bayer Rosmarin.

“In just one year, the Sydney Innovation Lab hosted over 40,000 guests, successfully built a live blockchain and collaborated with major Australian corporates, government organisations and universities to experiment with future technology,” she said.

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