StanChart opens Asia innovation lab in Singapore

STANDARD Chartered Bank (StanChart) has opened its Asian innovation lab in Singapore.

Called the eXellerator, the lab builds upon StanChart's established technology centre in Silicon Valley, SC Studios, and is the first such dedicated and strategic space for the bank in this region.

A bank spokesman said the eXellerator, which is located in the bank's main office building at Marina Bay Financial Centre, will work closely with the business units in StanChart and explore the use of emerging technologies and data science for sustainable business solutions.

The bank's group chief information officer, Michael Gorriz, said the rise of fintechs (financial technologies) has created greater opportunities for banks to enhance customer experience, reduce costs, mitigate risks and put power into the hands of their customers through innovative deployment of technology.

"The eXellerator will expedite the implementation of digital solutions to deliver more value to our clients with improved service offerings and new business models for a new generation," Dr Gorriz said.

StanChart had the support of the Monetary Authority of Singapore (MAS) in launching its innovation lab in Singapore. MAS has been actively encouraging the development of a Smart Financial Centre in line with Singapore's Smart Nation plan - one that embraces innovation and harnesses infocomm technology to increase productivity and improve the welfare of Singaporeans.