Digital & Technology

OCBC leads the way in fintech innovation and banking robotics

Leading the charge in the effort to combine financial technology with banking is the city-state's oldest financial services group and second largest in South East Asia, OCBC Bank. The firm had earlier signed a deal with Chinese smartphone maker Xiaomi and Hanhua Financial Holding, an investment company which lends principally to small and medium enterprises.

The agreement will see the trio combine their platforms and network while maximising their expertise to develop high quality fintech products which support each others’ businesses.

The advantage for OCBC is the opportunity to exploit Xiaomi’s communications resources and capabilities, along with having access to Hanhua’s network within China’s financial services sector. For its part, OCBC will contribute its regional expertise in a broad field of financial services, including commercial banking and wealth management.

OCBC had earlier developed a pair of fintech initiatives that use AI to streamline internal controls and offer greater security for clients in the complex demands of auditing in the digital age. The technology gives the bank additional tools to detect anomalies during audits of trading activities by analyzing data through machine learning algorithms.

OCBC has also been a leader in combining robotics with financial technology, developing "robotics process automation” since 2015. A pair of robots carry out repetitive and time-consuming tasks that do not require a great deal of skill. That frees up staff to perform higher-value duties, including improved customer service.