Singapore: Standard Chartered PLC said Wednesday that it’s opened an innovation lab in Singapore to accelerate its work with fintech companies, data science and emerging technologies.
The eXellerator will be led by Anju Patwardhan, the bank’s global chief innovation officer. She reports to Standard Chartered’s group chief information officer, Michael Gorriz, who joined the firm in the third quarter of 2015.
The new lab builds upon Standard Chartered’s Silicon Valley tech hub, SC Studios, which monitors technology trends and works to connect the bank’s business units with fintech startups, entrepreneurs and universities.
The Singapore location will include 15 to 20 software developers, data analysts, project managers and other business-focused roles, a Standard Chartered spokesperson said in an email.
The new lab joins a long list of innovation outposts established by banks, retailers, automakers and others hoping to find new talent, experiment with emerging technologies and test products. While these labs have the potential to foster new ideas and products, assimilating them into the larger corporate structure can be a challenge, CIO Journal has reported.
Many big banks are also working with startup accelerators to get early access to new technology and business models they may not have otherwise discovered on their own.
Standard Chartered has been exploring how new technologies might impact business. In December, the bank announced it had completed a proof of concept for a distributed ledger application to boost security and reduce risk for trade finance invoicing. The bank also signed a multi-year agreement with a public sector technology research agency in Singapore to explore advanced analytics and predictive modeling.