Standard Chartered continues its drive to accelerate the company’s fintech capabilities by launching the eXellerator innovation lab in Shanghai, China. The lab is the latest addition to the network of innovation labs which are located across Singapore, Hong Kong, London, Kenya and San Francisco. The banking group aims to use these labs to create new technology strategies.
Commenting on the launch, Jerry Zhang, CEO of Standard Chartered Bank (China), said: “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. Given the strategic importance of this market to the Group, our innovation centre in Shanghai will play a crucial role to support us in proactively reinventing ourselves, by bringing together our people, clients and fintechs to co-create and deliver the next generation of products and services.”
Alex Manson, Global Head of SC Ventures, added: “To truly rewire the DNA in banking, we need to go beyond just offering a digital interface. Our eXellerators create an environment which combines innovation from both in and outside the Bank, to rapidly prototype and experiment with new ideas and business models that will allow us to better serve our clients with solutions that addresses their problems or needs.”
Recently Standard Chartered has also forged many new partnerships such as a strategic joint venture with PCCW, HKT and Ctrip Finance to create a singular digital retail bank in Hong Kong. With these new initiatives set to digitally transform the company, it is on track to meet the demand in the market with an innovative edge.