In February, we opened the newest Thomson Reuters Lab™ in Singapore, the biggest FinTech hub in the world. With labs in Boston, Waterloo (Canada), London, Zurich, Cape Town and now Asia, the Singapore lab is a part of a global network of talent.
Thomson Reuters Labs explore new business opportunities for Thomson Reuters, working with customers and partners to create quick, agile and collaborative experiments and proofs-of-concept (POC). Data and information are at the core of our business, so we apply data science, machine learning, and data visualization to Thomson Reuters content to co-create new solutions with customer and partners. Our scope spans the finance, risk, legal and tax & accounting professional markets.
The Singapore innovation hub
We targeted Singapore as the location of our newest lab because of its well-known reputation as a center for innovation. Singapore is a global Fintech hub, in part due to a vibrant startup scene and strong universities. The government is also leading the way by making investments to become a Smart Nation. For example, the Monetary Authority of Singapore (MAS) has set aside SGD $225 million over the next five years to invest in Fintech; they have created a regulatory sandbox to allow companies to experiment in a safe environment.The Economic Development Board (EDB) is actively promoting innovation and encouraging collaboration among ecosystem members.
Almost every major financial institution in Singapore has an innovation center, partially due to these government-sponsored incentives. The result is that banks, insurance companies, tech giants, and universities all have open doors that facilitate conversations between these previously isolated groups.
Fintech is not the only area that is benefiting from this collaborative environment. The Singapore Academy of Law has recently published their Legal Technology Vision, which aims to steer innovation in legal technology.
We were pleased that our launch party had a fantastic turnout with representatives from across the Singapore innovation ecosystem including our customers, partners, startups and universities. Sopnendu Mohanty, Chief Fintech Officer from the Monetary Authority of Singapore, officiated the event along with several of our executives.
Thomson Reuters proofs-of-concept demos
At the launch, we demonstrated innovative work from across Thomson Reuters and proofs-of-concept that we’ve built in our labs. Showcasing not only the type of work we do, these demos are a living examples of how Thomson Reuters collaborates with our partners. Here are just a few:
Third Party Risk
A proof-of-concept showing the compliance and reputational risk of working with third parties. Our POC scanned news, legal documents, NGO databases, and many other sources to look for the risk of third parties participating in the categories of bribery & corruption and slavery & forced labor.
At Thomson Reuters, we are opening up data models and tools, APIs, and our desktop SDK to create a platform for customer and third party development. This includes releasing tools that we’ve used internally such as Thomson Reuters Intelligent Tagging, our entity resolution and data model on Permid.org, and App Studio.
Data Fusion is a combination of TR knowledge graph exploration, a discovery visual tool and a set of APIs. We demonstrated our labs POC that extracts intelligent answers from the graph at launch. We were also happy to welcome Standard Chartered Bank to talk about our collaboration with their eXellerator Lab.
Our team has developed a platform for managing digital identities on the blockchain called BlockOne ID. We talked about this and other blockchain-related activities at TR.
We demonstrated a solution for predicting legal outcomes based on prior case history and discussed our other innovations in LegalTech.
The lab in Singapore will be working across Asia to find novel ways to solve our customers’ challenges. We’ll be leveraging Thomson Reuters’ big data and knowledge graph to collaborate with our customers and partners to drive innovative thinking and design new solutions. We’re very excited to be a member of the vibrant Singapore innovation ecosystem and can’t wait for the journey ahead.