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Technology / Cybersecurity

Deutsche Bank invests in London tech innovation lab

Deutsche Bank is planning to promote the development of fintech companies with three technology innovation labs this year in Berlin, London, and Silicon Valley.

As part of its plans to overhaul its technology infrastructure, the bank aims to screen around 500 fintech startups a year working in the fields of efficiency, payments, security, organisation or process apps.

Companies such as UBS, Commerzbank and American Express have done the same thing to help their clients.

Citing a source familiar with the matter, Reuters reported that Deutsche Bank has not set aside a particular amount of money to invest in the companies, but instead will intend to partner with startups by using the technology itself or pushing it to clients or other areas of the financial sector.

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The source said the bank aims to give feedback to start-ups on their ideas and identify ways to employ their technology. "This is primarily about innovation, not investments."

Earlier this year, Deutsche Bank and Hewlett-Packard announced a ten-year, multibillion dollar agreement which aims to significantly reduce related IT infrastructure costs.

Earlier, the German bank revealed plans to invest €200m on digitising client facing systems, apart from restructuring its senior technology team.

Deutsche Bank also overhauled its core banking systems, which involved replacing its legacy systems with the SAP platform.

This article is from the CBROnline archive: some formatting and images may not be present.

CBR Staff Writer

CBR Online legacy content.