Standard Chartered Bank (SCB) has announced today that Singapore will be the location for the Bank’s Innovation Lab.

Standard Chartered Bank (SCB) has announced today that Singapore will be the location for the bank’s new innovation lab.

Known as ‘eXellerator,’ the lab will build on Standard Chartered’s established Silicon Valley technology outpost, SC Studios, and is set to accelerate its digital transformation.

The eXcellerator will work closely with business units within the bank and will be the first strategic fintech space for Standard Chartered in Asia.

Using the latest innovation, SCB will explore and track the use of emerging technologies and data science in the financial sector for sustainable business.

“The rise of fintech has created 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,” chief information officer, Michael Gorriz said.

“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.”

“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,” Gorriz said.

“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.”

The eXellerator is located in Marina Bay, where group chief innovation officer of Standard Chartered Bank, Anju Patwardhan, sees the financial environment as having strong potential for growth and innovation.

“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,” she said.

Standard Chartered have a strong focus on innovation in Singapore, with an agenda to expand their digital offerings through research agreements. The banking giant recently partnered with DBS Bank and the Infocomm Development Authority (IDA) in Singapore to successfully deliver a proof of concept for the first application of distributed ledger technology and more recently, signed a research and experimentation collaboration agreement with A*STAR’s Institute for Infocomm Research.

The eXellerator is expected to facilitate a range of digital solutions to improve customer communications and fintech research, offering new business models to fit the rapidly technologising financial space.

The Monetary Authority of Singapore (MAS), has been actively encouraging the formation of eXellerator and is now advocating in favour of the development of a ‘Smart Financial Centre’. This initiative is in line with Singapore’s Smart Nation Plan, which aims to embrace communications technology to increase the welfare of the nation’s citizens.

“The financial sector is an integral part of Singapore’s ambition to be a Smart Nation,” said MAS chief fintech officer, Sopnendu Mohanty.

“MAS are delighted to have Standard Chartered Bank as a key contributor to the fintech ecosystem.”