Standard Chartered to plough more cash into digital banking, says Hong Kong chief
The lender spent US$400 million last year on developing fintech services – and there’s more to come, says Hong Kong CEO Mary Huen Wai-yi
Standard Chartered Bank, which invested US$400 million in its digital banking operations globally in 2017, will pour more money into developing fintech services in the coming year, according to its boss in Hong Kong.
Mary Huen Wai-yi, the lender’s chief executive in Hong Kong, said the amount invested last year represented almost a third of what the group spent on systems enhancements, regulatory compliance and strategy.
Global cash investment by Standard Chartered Bank – mainly in emerging markets – has been rising in recent years. The total stood at US$1.4 billion in 2016, up from US$900 million in 2015.
“Our investment in digital banking and other fintech services represents a big portion of our total cash investment. This shows Standard Chartered Bank is willing to spend to invest in technology and infrastructure to meet the needs of tech-savvy customers,” Huen said.
The bank’s investment in new technology and fintech services came as Hong Kong Monetary Authority last year announced a range of measures to encourage local lenders to further develop technologies that allow customers to enjoy more efficient banking services via the internet or their mobile phones.
The lender is in a strong position to support such sizeable investment. Last Tuesday Standard Chartered said it would issue a dividend to shareholders for the first time since 2015, as it announced pre-tax profit had risen 175 per cent in 2017 to US$3 billion.