Fintech software provider Temenos (SIX: TEMN) announced on Monday it has teamed up with Shanghai Pudong Development Bank (SPD Bank) to establish an Innovation Lab in Shanghai. Temenos reported that through the partnership, it and SPD Bank will jointly identify market requirements and co-develop a digital ecosystem, with Temenos then providing the enabling technology platform.
Temenos also revealed the partnership will enable the SPD Bank to leverage open APIs to operate collaborative business models, working with an ecosystem of third parties to add more value to their customers’ financial lives.
“The Innovation Lab will allow the bank and Temenos to validate banking business scenarios, integrate innovative solutions into SPD Bank’s production environment, and deploy new technologies in a fast and efficient manner.”
The Innovation Lab collaboration will then help the bank to leverage technological advances from fintechs and ease the enrollment of Chinese fintechs into the Temenos Marketplace. Temenos Marketplace is a self-service online digital store that contains more than 150 financial software products from more over 65 certified fintechs. Speaking about the upcoming lab, Wei Dong Pan, Executive Director & Vice President, SPD Bank, stated:
“The Innovation Lab will help us to create a first-class digital banking ecosystem. It enables the bank to get insights from the global fintech trend and bring together the best global firms with cutting-edge technology. The lab also serves as an incubator, where we share and explore latest fintech innovation in order to create world-level tech giants. In addition, the collaboration gives us the exposure to best practice in digital transformation which reinforce our position in digital banking.”
Martin Frick, Managing Director Asia Pacific, Temenos, added:
“We look forward to bringing our extensive experience in developing banking software and global fintech resources to help SPD Bank innovate and create a powerful digital ecosystem, which will help the bank develop collaborative business models, new revenue streams and innovative offerings to its customers into an increasingly digital, data-drive future.”