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Standard Chartered Bank sets up innovation lab in Singapore

Zafirah Salim | March 28, 2016
The eXellerator in Singapore will work closely with the business units within the Bank and explore the use of emerging technologies and data science for sustainable business solutions.

Standard Chartered Bank has set up an innovation lab in Singapore, called eXellerator, to accelerate the Bank's digital transformation.

The eXellerator in Singapore will work closely with the business units within the Bank and explore the use of emerging technologies and data science for sustainable business solutions. It builds upon Standard Chartered's established technology outpost in the Silicon Valley, SC Studios; and is the first of such a dedicated and strategic space for the Bank in Asia.

"The rise of FinTech 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," said Dr Michael Gorriz, Standard Chartered's Group Chief Information Officer.

"Singapore's strategic location at the heart of the ASEAN region and its vibrant FinTech ecosystem makes it the logical location for the Bank to base our new global innovation lab. This is where we can tap the depth of knowledge and talent, as well as work with local universities and research organisations, to help drive the Bank's innovation agenda. Through our new innovation lab, we will be exploring the use of emerging technologies, data science solutions and new ways of working as a means to better customer experience and business benefits," added Anju Patwardhan, Global Chief Innovation Officer.

The launch of the innovation lab is supported by the Monetary Authority of Singapore (MAS), which has been actively encouraging the development of a Smart Financial Centre, in line with Singapore's Smart Nation vision.

"The financial sector is an integral part of Singapore's ambition to be a Smart Nation. A Smart Financial Centre with an open architecture and collaborative FinTech community will promote innovation, application of technology advancements and talent development in financial services. MAS is delighted to have Standard Chartered Bank as a key contributor to the Fintech ecosystem with the launch of its innovation lab in Singapore," said Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore (MAS).

 

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