The Hong Kong/London-listed banking group has set up a laboratory for fintech ideas in Singapore - a city that is fast becoming known as a a centre for such activity.

HSBC has launched a financial technology innovation laboratory in Singapore as banks scramble to stay competitive amid continued ferment in the digital space, reports say.

The lab will focus on corporate banking needs in payments, trade and supply chain, particularly for companies with a regional focus. Its scope will also be subsequently expanded to cover the full range of HSBC services, reports said.

The lab is located in Collyer Quay. The facility will also support development and testing of digital and mobile banking innovation projects of other ASEAN countries, such as Malaysia, Indonesia, and the Philippines.

A number of other banks, such as Citigroup, have launched digital innovation initiatives to produce new ideas which they hope will give them market-beating products and services in the years ahead. (To see the Citi story, click here.) Singapore, meanwhile, has achieved quite a reputation around fintech. When Credit Suisse launched its mobile private banking platform, for example, it chose the Asian city-state as the place for its first rollout.