DBS Bank has opened its new Singapore innovation lab – DBS Asia X (or DAX) – to foster greater collaboration with the fintech eco-system.

It is a 16,000 square feet innovation space, located at the Sandcrawler Building in Fusionopolis.

The lab consists of project pods and spaces, journey rooms, co-working spaces that can accommodate up to 100 people, and an auditorium and cafe.

The Singaporean lender intends to co-locate its employees from around the region in the new facility.

DBS also plans to run various programmes at DAX to fuel innovation. The programme will include establishing a start-up engagement initiative, FinTech Foundry, where fintechs will be encouraged to partner with DBS employee to prototype ideas, and design mobile and web banking solutions.

The bank said that initially the focus will be on delivering customer-centric concepts related to insurance, deposits, payments, wealth management and cybersecurity.

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Additionally, it will run regular API hackathons that will involve start-ups, small and medium-sized enterprises and social enterprises in finding ways to innovate and seamlessly integrate banking into the lives of customers.

DBS Bank CEO Piyush Gupta said: “DBS Asia X underscores DBS’ ongoing commitment to shaping the future of banking and embracing the future of work. It is a purpose built facility for DBS employees from all over the region to come together, design and develop iconic customer journeys and work in close collaboration with start-ups and the broader FinTech community.

“We look towards helping to further Singapore's Smart Nation agenda as we transform DBS into a 22,000 person start-up.”

DBS Bank chief innovation officer Neal Cross said: “As a crucial component of our digital agenda, we are making good headway in creating a ‘FinTech-like’ workforce that is consumed with disrupting and redesigning the customer experience.

“With our new innovation facility, we will provide yet another agile space to catalyse greater cross-functional collaboration and experimentation in our people to reimagine banking and create joyful customer experiences.”