Standard Chartered Bank opened its innovation lab in Singapore.
The eXellerator, which builds upon Standard Chartered’s technology facility in Silicon Valley, SC Studios, will work closely with the business units within the Bank and explore the use and expedite the implementation of emerging technologies and data science for sustainable business solutions.
The lab is located at the heart of Singapore’s dynamic financial district in the Bank’s main office building at Marina Bay Financial Centre.
The bank has recently made steps in the digital space. Some examples include the partnership with DBS Bank and Singapore’s Infocomm Development Authority (IDA) to complete a proof of concept (PoC) delivering the application of distributed ledger technology which enhances the security of trade finance invoicing, a multi-year collaboration agreement with A*STAR’s Institute for Infocomm Research (I2R) – Singapore’s national information and communications technology research institute – to jointly work on data science research and experimentation by leveraging the institute’s network of data scientists and software engineers, and a collaboration with a Silicon Valley data analytics startup to co-create an entirely new economic index for Nigeria using crowdsourcing.
In addition, the bank’s Straight2Bank Mobile Wallet is enabling NGOs such as Jhpiego, an international health non-profit affiliated with John Hopkins University, to disburse funds to its beneficiaries in Africa previously deprived of access to basic financial services due to infrastructure and economic challenges.