StanChart ramps up its Hong Kong digital strategy with ‘eXellerator’ lab
Lender opened its first such lab in Singapore two years ago, and claims to have so far generated 500 fintech ideas, 27 proof of concepts, and conceived five major client solutions
Standard Chartered has unveiled what it’s calling a financial technology (fintech) innovation lab to develop more digital banking products for retail and institutional clients.
The 10,000 square foot facility, called “eXellerator”, in the Kwun Tong district of Hong Kong will focus on bringing its staff, customers, and technology partners closer together, said officials.
Its main activities will be linked to artificial intelligence (AI), cybersecurity, and “Banking Made Easy” – one of the seven cornerstone “smart banking” initiatives announced by the Hong Kong Monetary Authority (HKMA) in September – to promote more digital online-based finance and wealth management offerings.
The UK-based, but Asia-focused, StanChart opened its first such lab in Singapore two years ago, and claims to have so far generated 500 fintech ideas, 27 proof of concepts, and conceived five major client solutions.
From blockchain and AI, to application programming interface (API) – coding that allows third party service providers to connect and exchange data with customers across a network of banks – StanChart officials said the biggest question remains how to deploy technological tools to benefit its customers, adding the purpose of the lab is to find out which products are best using which technology.
Michael Gorriz, its group chief information officer, said: “We want to establish a ‘thinking process’ in the eXellerator.”