Standard Chartered Bank launches Shanghai eXellerator lab
Standard Chartered Bank announced the launch of its eXellerator innovation lab in Shanghai, designed to bring investments into promising fintechs and implement new business models, Ruby Hinchliffe reports.
SC launches eXcellerator in Shanghai
These labs are part of the Bank’s SC Ventures, bringing together employees, corporate clients and fintechs to develop innovative solutions to meet the evolving banking needs of clients.
With the launch of the eXellerator, Standard Chartered aims to position themselves in the Chinese technology ecosystem, taking advantage of the country’s advances in artificial intelligence, biometrics and mobile payments.
“Rapid changes in financial technology are reshaping the future of the global banking industry, especially here in China,” says Standard Chartered Bank’s China CEO, Jerry Zhang. “Given the strategic importance of artificial intelligence and Big Data to the Group, our innovation centre in Shanghai will play a crucial role to support us in proactively reinventing ourselves.”
The eXellerator will work with inventive Chinese fintech start ups to scale their solutions across markets in the bank’s own footprint whilst training its own employees in human-centred design.
This lab will join already-established innovation labs across Singapore, Hong Kong, London, Kenya and San Francisco.
One of the more recent products of the bank’s innovation labs is a strategic joint venture with PCCW, HKT and Ctrip Finance to deliver a new standalone digital retail bank in Hong Kong.
