Thomson Reuters has officially opened Thomson Reuters Labs – Singapore.

The innovation facility aims to collaborate with customers, tech startups, universities and the Singapore government to roll out products and solutions for professional markets in the Asia Pacific. The lab will also support Thomson Reuters’s financial & risk, tax & accounting and legal businesses across Asia Pacific.

The facility, located in Singapore’s central business district, is the first Thomson Reuters Labs to open in Asia. Thomson Reuters’s other innovation labs are located in Boston, Cape Town, London, Waterloo (Canada) and Zürich.

Areas of focus at the lab include advanced data analytics and machine intelligence, with the aim to deliver products that solve global business challenges.

Chief Fintech Officer for the Monetary Authority of Singapore (MAS), Sopnendu Mohanty (pictured, second from left), who officiated the lab’s opening, highlighted how an open architecture could facilitate financial institutions’ work around KYC and user interface. Mohanty further encouraged the lab to provide funding support for startups and expressed hope that the lab would work with partners in a mutually beneficial manner.

“Singapore is one of the world’s most innovative cities thanks to its focus on collaboration between corporations, government, financial institutions, regulators, and academia,” said Sanjeev Chatrath, Managing Director, Financial & Risk, Asia Pacific at Thomson Reuters. “With our established footprint across Asia and a strong presence in Singapore, the new Lab will serve as a hub for growing our innovation efforts and fostering co-innovation with our customers and partners within the region.”