Standard Chartered Bank has announced the opening of the eXellerator – the Bank’s newest Innovation Lab located in Singapore.
The eXellerator is set up to build 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.
In a press release to finews.asia the U.K. headquartered bank said 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. The lab is located in the Bank’s main office building at Marina Bay Financial Centre.
Anju Patwardhan, Global Chief Innovation Officer, said,«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.»
Regulator on Board
Standard Chartered had the support of Monetary Authority of Singapore (MAS) in the launch of its innovation lab in Singapore. The MAS has been actively encouraging the development of a Smart Financial Centre, in line with Singapore's Smart Nation plan - one that embraces innovation and harnesses info-communications technology to increase productivity and improve the welfare of Singaporeans.
«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 MAS.
