The Global Innovation Index 2017 ranked Singapore as seventh for innovation performance, out of 127 countries worldwide. This makes Singapore the top country in Asia for innovation efficiency. Along with the creation of a SGD$1 billion fund to help innovative companies develop their businesses and expand overseas, the city state is focused on driving its economic growth.

Singapore’s strong public-private partnership framework, ability to attract regional talent, and its progressive financial regulatory environment have attracted numerous global players to set up shop (or ‘lab’), to take advantage of its flourishing innovation ecosystem. Although we have previously cautioned against setting up an innovation lab for the sake of ‘innovation theatre,’ innovation labs done well can be an effective way to create a culture of innovation, test new product prototypes, as well as engage with customers on a deeper level.

The number of innovation labs that have opened in Singapore bears testimony to the confidence in the country’s proposition as an innovative ecosystem, especially in the area of fintech. Almost every major financial institution in Singapore has an innovation center, partially due to government-sponsored incentives. As a result, banks, insurance companies, tech giants, and universities have all opened their doors to facilitate conversations between these previously siloed groups. 

Here are ten of the top corporate innovation labs in Singapore.

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Paypal Innovation Lab

In 2016, US payments giant PayPal Inc launched an Innovation Lab in Singapore, its first outside the United States. The lab aims to foster innovation, research and development (R&D), entrepreneurship, talent and expertise in Singapore by collaborating with government agencies, industry associations and SMEs. Through R&D partnerships with three of Singapore’s top universities, the National University of Singapore (NUS), Nanyang Technological University (NTU) and the Singapore Management University (SMU), Paypal is unlocking innovation opportunities in the areas of cybernetic authentication tokens, AI-powered know-your-customer (KYC) processes and forefront cryptography technology, such as post-quantum cryptography to future-proof PayPal’s risk and security management systems.

DBS Asia X

DBS launched its Singapore innovation lab, DBS Asia X (or DAX), to speed up change in its organisation. DAX is home to ‘HotSpot,’ the first pre-accelerator programme created and wholly-run by an Asian bank. Over 40 start-ups have been accelerated as part of the programme. DAX also hosts “Uni.Corn,” an entrepreneur internship programme where student interns solve business challenges. DBS further aims to co-locate DBS employees from around the region in the new facility as it embraces a new way of working and develops iconic customer journeys.

Mastercard Innovation Showcase

Mastercard's newly opened Asia Pacific headquarters in Singapore features a new Innovation Showcase, to exhibit its latest digital innovations. The new showcase has come five years after Mastercard Labs was first established in Singapore in 2012, which focuses on researching and developing new payment solutions. Mastercard's Innovation Showcase in Singapore is the largest among all of their innovation showcases across major cities globally, including Dublin, Dubai New York City and London. Some innovations from the Innovation Showcase included the ability to make payments by taking a selfie through an app with biometric authentication. This allows consumers to verify their credit card information through a photo of their face. Another innovation from the Showcase is Pepper, a humanoid robot that is able to receive orders for food through voice commands, as well as the ‘Qkr! with Masterpass’ vending machines, which allow consumers to purchase items via a mobile application.

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