Narayan AmmachchiBrazil’s largest bank, Banco do Brasil (Bank of Brazil), has set up a lab in Silicon Valley to identify and explore new fintech solutions that will transform banking services around the world.
The Banco do Brasil Advanced Laboratory (Labb) has been based at the Plug-and-Play tech center, a business accelerator in Silicon Valley that shares space with startups from around the world, creating an ecosystem where they can immerse themselves in the Valley’s digital culture.
“The Labb is a way for Bank of Brazil employees to experience Silicon Valley, interact with entrepreneurs and established companies, and relay the digital culture and successful model of the region upon their return to Brazil,” the bank stated in a press release.
The lab has been operational since June this year. Ever since the launch, smaller groups of the bank’s employees are arriving in the valley on a three-month study tour and taking stock of the fintech scene.
The bank is also planning to make use of its lab for working on its own fintech projects. According to its statement, it has lined up 17 such projects for 2017.
Back in Brazil, the bank is doing everything it can to foster innovation among its employees and customers. It is conducting innovation programs and hackathon events for employees and students from local technology institutes.
Add comment