Banco do Brasil (BB) has opened a lab in Silicon Valley as it seeks to build connections with the American fintech scene.
The Banco do Brasil Advanced Laboratory (Labb) is based at Plug And Play, sharing space with startups from different countries and becoming a partner in the giant accelerator fintech ecosystem. This, says the bank, will enable it to boost its innovation credentials, assimilate digital culture and discover startups and their technology.
Open since the summer, the base sees small groups of staffers make their way to Silicon Valley for three month stretches, working to develop projects as if they were a startup.
Marco Mastroeni, director, digital business, BB, says: "Labb is part of BB's intra-entrepreneurship project and is also intended to make advanced incubation of internal projects of a strategic nature for Banco do Brasil, in addition to being a way for Banco do Brasil employees to experience the daily life of the Valley, interact with established entrepreneurs and companies and, on their return to Brazil, disseminate in their teams the digital culture and the success model of that region."