Bank of China (BOC) and IBM have expanded their partnership to create a new innovation model for the financial industry.

The collaboration will focus on digital transformation, customer experience enhancement, business innovation, eco-system construction and technology deployment.

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Wang Fang, BOC Singapore VP, said: “Bank of China is committed to becoming a world-class bank with technology and innovation. We look forward to having IBM as our partner, because we believe that in addition to the assistance they offer with technological leadership and industry expertise, we can learn even more from IBM’s own transformation and innovative models.”

This comes when technology is changing the landscape of the finance industry with banks facing increasing competition.

Therefore, this has forced banks to undergo digital transformation and adopt new technologies to improve innovation.

Wenchao Liu, VP and Managing Director, BOC, said: “Bank of China is a visionary enterprise able to get things done. We are excited to work with them and share IBM’s Garage model, as well as our experience in innovative practices, to help them in the construction of their innovation lab.”

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BOC has opened a Global Innovation Lab in Singapore providing digital systems and automation processes. It also plans to build several more innovation labs globally to establish a BOC model of financial innovation.

“We believe that with the completion of the eight major global innovation centres and the whole innovation system, that Bank of China will be able to more efficiently incubate and rapidly iterate innovations,” adds Liu. “Thus, they will be able to achieve their strategic goal of building a world-class bank for a new era.”

The IBM Garage aims to accelerate how banks unlock insights and business outcomes through technology including AI, blockhain and IoT.