German banking giant has opened its new Chinese innovation hub - Blue Water Fintech Space to bolster its digital and innovation offering
Deutsche Bank has launched an innovation hub in China, called Blue Water Fintech Space, with an objective to fast track its digital and innovative offering to clients in the country.
The new innovation hub, based in Shanghai, is also expected to pave way for partnerships with the FinTech community for the German investment banking giant.
Blue Water Fintech Space, which will be managed by a dedicated innovation and digital solutions team, will focus on client requirements and business needs.
Blue Water Fintech Space will build on “Innovation-as-a-service” concept
The hub will build on the “Innovation-as-a-service” concept to offer clients with new ideas by undertaking digital transformation workshops, acceleration and incubation of FinTech projects, and proof of concept roadshows.
The innovation hub will also create new ideas by enabling a deep-dive into the latest solutions powered by design thinking, artificial intelligence, biometric technology, robotic solutions, and Internet of Things.
Deutsche Bank China chief country officer Feng Gao said: “China is one of the leading countries globally fronting the digital banking era and it is a vibrant market for FinTech developments and innovations.
“The establishment of our Blue Water Fintech Space in Shanghai is a great endeavor, especially given the strategic importance of China to Deutsche Bank’s global footprint.”
According to Deutsche Bank, the Blue Water Fintech Space will also take care of improving its corporate banking unit’s service capabilities in China. In this connection, the hub will pursue innovation and develop an eco-system for integrating global resources within the bank’s businesses and locations, while boosting its connectivity with the FinTech community.
Deutsche Bank corporate bank China head Dirk Lubig said: “With the launch of the Blue Water Fintech Space, we will build a platform to connect with the local Fintech and Start-up community to leverage cutting-edge technologies and systematically address changing client demands.
“Robotics and Artificial intelligence will enable new service capabilities that will help our clients to digitalize their business models and participate in the many growth opportunities in China.”
Earlier this month, Deutsche Bank secured approval for Type-A lead underwriting licence from China’s National Association of Financial Market Institutional Investors (NAFMII).