UBS is setting up a technology innovation lab in Singapore to meet the changing demands of its wealth management clients. UBS is following in the footsteps of it's competition as Credit Suisse, HSBC and Citi, launched venture funds to invest in technology start-ups, while others including Barclays and UBS have opted to launch accelerators or innovation labs.
The lab... will also serve as a location from which UBS can interact with technology start-ups, academics and clients in a bid to source ideas for new services. The new hub in Singapore follows similar initiatives by the bank in Europe. UBS recently launched an innovation lab in London’s fintech accelerator space Level39 and set up its first wealth management focused lab in Zurich last year. UBS on Wednesday also announced the launch of a new wealth management app for Asian clients. The app will allow its clients to customise their portfolios online and receive automated portfolio health checks using algorithms to test the portfolio against market risk factors. The service has been piloted with a select number of clients since the start of 2015 and responds to "increasing client preferences for digital solutions"