Asia Innovation Labs Opens in Singapore

Asian innovation lab established in Singapore by the renowned STANDARD Chartered Bank. The lab is named as eXellerator and is built upon StanChart’s established technology center in Silicon Valley, SC Studios. It is the first dedicated and strategic space by StandChart in this region.

stanchart Standard Chartered Bank
Standard Chartered Bank (StanChart) has opened its Asian innovation lab in Singapore. PHOTO: ST

Standard Chartered is a British multinational banking and financial services company which has its headquarters in London. Operating a network of more than 1,200 branches and outlets across more than 70 countries and employs around 87,000 people, it is one of the top banking company. And now, it has established itself in Singapore to expand its wings.

eXellerator is situated at the bank’s main office building at Marina Bay Financial Centre. A spokesperson at the bank said that they will work closely with the business units in the lab and explore ways on how to use evolving technologies and data science for sustainable business solutions.

Michael Gorriz, Standard Chartered serving as the bank’s group chief information officer said that the rise of fintechs (financial technologies) has created greater opportunities for banks to improvise and boost customer experience, mitigate risks, reduce costs and put power into the hands of their customers via innovative deployment of technology.

“The eXellerator will expedite the implementation of digital solutions to deliver more value to our clients with improved service offerings and new business models for a new generation,” Dr Gorriz said.

StanChart was supported by the Monetary Authority of Singapore (MAS) to launch its innovation lab in Singapore. The Monetary Authority of Singapore is the Singapore’s central bank and financial regulatory authority that administers the various statutes relating to money, banking, insurance, securities and the financial sector and currency issuance. The organization has been actively boosting the development of a Smart Financial Centre in line with Singapore’s Smart Nation plan. This plan embraces innovation and harnesses infocomm technology to raise productivity and enhance the welfare of Singaporeans.