Standard Chartered has launched a Shanghai-based innovation lab to tap China’s tech market and improve its own capabilities.
The eXellerator innovation lab in China alongside others in Singapore Hong Kong, London, Kenya, and San Francisco are part of the bank’s SC Ventures unit, a research and development arm focused on innovation and fintech.
With the launch of the eXellerator, Standard Chartered aims to deepen its contribution and participation in China’s vibrant technology and innovation ecosystem, the bank said, highlighting various tech competencies including artificial intelligence, biometrics and mobile payments that could improve its client products and experiences.
In addition, the bank also highlights the opportunity for such fintechs startups to scale their solutions across the bank’s global business and leverage the opportunity to co-create new businesses and operating models in the process.
Rapid changes in financial technology are reshaping the future of the global banking industry, especially here in China which is home to some of the world’s most established companies leading the way in areas like artificial intelligence and Big Data, said Jerry Zhang, CEO of Standard Chartered Bank (China), stressing the Chinese market’s strategic importance to the group.
Alex Manson, global head of SC Ventures echoed the sentiments emphasizing that a mere online banking app will not be enough to rewire the DNA. To truly rewire the DNA in banking, we need to go beyond just offering a digital interface, he said. Our eXellerators create an environment which combines innovation from both in and outside the Bank.
The rewiring is well underway in Asia with various milestones recently achieved. In Hong Kong, it established a strategic joint venture with major local telecoms PCCW and HKT, alongside travel service provider Ctrip to build a standalone digital bank. And in India, it will be launching an open digital platform targeting SME clients with various financial and business solutions.