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StanChart says costly compliance upgrades almost done

The stakes are high for bank that is under investigation by regulators from US to HK

Singapore

STANDARD Chartered plc (StanChart) said it has almost completed costly technology upgrades required to cope with stricter banking regulations worldwide, freeing it up to focus more on revenue-generating products such as digital banking.

The London-based bank spent 60 per cent of its US$1 billion technology budget on compliance-related systems last year and plans a similar allocation for 2017, chief information officer Michael Gorriz said in an interview in Singapore.

The remainder is for other investments to improve products and services, he added.

"We hope that we are over the hump with the regulatory programmes this year," noted the 57-year-old physicist-turned-banker. "Next year, it...

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