BNY Mellon to open eighth innovation centre in Singapore

By Finextra

BNY Mellon, a global leader in investment management and investment services, today announced its newest Global Innovation Center will open in Singapore on 17 November 2016.

As the eighth Innovation Center within a global network, the Singapore Innovation Center is designed to facilitate collaboration with fintechs and clients in Asia for the creation of data-driven market solutions that will operate within BNY Mellon’s digital ecosystem, NEXEN.

Launching in conjunction with the Singapore FinTech Festival, the Innovation Center will bring together leading-edge thinkers and emerging talent from across the industry to create, disrupt and accelerate market solutions, while tackling the demands and challenges of an increasingly complex market. The Singapore Innovation Center joins an established network of seven locations globally, including Pune, the first Center established in 2014, Silicon Valley, Jersey City, Chennai, London, Pittsburgh, and Central New York.

“The opening of our eighth Innovation Center in Asia is a reflection of the region’s rapidly developing innovative technology and fintech landscape, as well as the increasing importance of Asia to BNY Mellon’s business. As our largest branch office in Asia Pacific, the Singapore Innovation Center reinforces BNY Mellon’s commitment to the region’s advancement in transformational technology in financial services and compliments the Monetary Authority of Singapore’s continuing ambition to establish a vibrant innovation ecosystem and to develop the city as a Smart Financial Center,” commented Stephen Lackey, Chairman of Asia Pacific for BNY Mellon.

Commenting on BNY Mellon’s expanding technology footprint, Suresh Kumar, Senior Executive Vice President and Chief Information Officer, BNY Mellon added, “Technology is one of the key accelerators of change in our business and we pride ourselves on being at the forefront. BNY Mellon has a rich history in innovation marked by delivering technology-enabled solutions that power the world’s investments. Our approach covers all critical phases of enterprise innovation and we continue to work side-by-side with clients and fintech firms to create valuable digital offerings.”

With more than $30.5 trillion assets under custody and $1.7 trillion assets under management, BNY Mellon has access to an extensive wealth of data and is uniquely placed to leverage this on its digital ecosystem, NEXEN. This ecosystem consolidates solutions from BNY Mellon, select third-parties and clients globally onto one single platform. Through NEXEN and its network of innovation centers worldwide, BNY Mellon is already in talks with more than 300 global fintech start-ups globally.

“The BNY Mellon Innovation Center in Singapore is designed to take clients through a digital journey by leveraging NEXEN technologies to showcase the power of Application Program Interfaces (APIs). With unallocated seating and no audio or visual barriers on the engineering floor, the open plan space offers a collaborative environment that encourages innovation. We are excited about opening this unique offering in Singapore; a place with strong talent pools and a well placed financial technology landscape,” said Hans Brown, Asia Pacific Head of Client Technology Solutions at BNY Mellon.

First appeared at Finextra