It seems like every other bank in Singapore has decided to start their own Fintech Innovation Lab.
Followed shortly after DBS, HSBC and OCBC’s venture into launching their own fintech innovation labs, the next in line is Standard Chartered.
On Wednesday, the Bank announced their Singapore-based innovation lab, named eXellerator. In their statement, the lab will be built upon their established technology outpost in Silicon Valley, SC Studios.
Located at the heart of Singapore, at the Marina Bay Financial Centre, the eXellerator will be working closely with other business units within StanChart to identify how emerging technologies and data science can be utilised to strengthen their existing business solutions.
The Monetary Authority of Singapore (MAS) has shown support towards StanChart’s new venture, as it is in accordance to the country’s plan onwards becoming a Smart Nation. As mentioned in MAS’s statement last July, a Smart Financial Centre needs to be built up in conjunction with the Smart Nation vision, hence, the regulators have been open, encouraging and supportive towards more developments and innovation within this initiative.
Sopnendu Mohanty, Chief FinTech Officer at the Monetary Authority of Singapore (MAS), said, as laid out in the statement: “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”.
Besides setting up this innovation lab, StanChart has dabbled in the waters of fintech in the past too. They have worked with DBS Bank, Infocomm Development Authority (IDA) and A*STAR’s Institute for Infocomm Research (I2R) on financial technology related initiatives.
A Smart Nation requires the cooperation and collaboration between traditional system and emerging technologies. It is exciting and encouraging to see traditional financial institutions in Singapore leaping into the realms of financial technology and embracing it instead of seeing it as a threat.