Standard Chartered Bank has unveiled a new innovation lab in Singapore in a bid to culture and develop the use of emerging technologies and data sciences, per the bank’s newly announced strategy in 2016, according to Standard Chartered statement.
The bank has been undergoing a widespread transition in 2016, following what had been a disappointing Q4 to close out the prior year. Back in November, Standard Chartered announced that it would cut approximately 15,000 jobs in a bid to help jump-start its retail transformation strategy, which followed after an unexpected -$139 million loss in Q3 2015.
Fast-forwarding to today, the bank has continued expanding into diverse fields to help fortify its business, which culminated in the launch of its ‘eXellerator’ lab in Singapore. The unit builds upon Standard Chartered’s existing technology outpost in Silicon Valley, and represents the bank’s first dedicated space for innovation in Asia in the Marina Bay Financial Center.
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In tandem with the opening of the lab, Standard Chartered has also secured the support of the Monetary Authority of Singapore (MAS) in establishing the facility. MAS has been an active player in the development of a ‘Smart Financial Centre’.
According to Anju Patwardhan, Standard Chartered’s Global Chief Innovation Officer, in a recent statement on the 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.”
“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,” added Chief Fintech Officer Sopnendu Mohanty in an accompanying statement.