Stanchart launches innovation lab to collaborate with fintechs
NAIROBI, Kenya, Apr 8 – Standard Chartered Bank has launched an eXellerator lab, an innovation that will serve as a platform to collaborate with fintechs in Kenya and the broader African region.
This is the first eXellerator lab in Africa according to the bank’s Chief Executive Officer Kariuki Ngari.
Kenya is now joining the league of Singapore, Hong Kong, London and San Francisco where the other eXellerator labs are located.
“We are establishing an innovation centre in Kenya, the Africa eXellarator lab to develop better products and services for our clients,” Ngari said.
The Global Head SC Ventures Alex Manson said that they are rewiring the DNA in banking in and outside the bank including an extended team of partners as good ideas are introduced.
“Our eXellarators provide the tools and environment to develop experiment and validate new ideas and business models emerging from both our own intrapreneurs and our partners.”
According to the Africa Region Lead, Kennedy Mubita, the key mission of eXellarator’s is to generate value by emulating intrapreneurial human centred and technology skills across the bank’s franchise in Africa.
Standard Chartered has co-created solutions and established new partnerships to improve client experience and change how they approach and think about banking.
After a successful launch of its digital retail banking in Cote d’Ivoire last year they have further rolled out digital only retail banks across Africa this year in Uganda, Tanzania, Ghana and Kenya.
Recently, the bank announced the establishment of a joint venture with PCCW and other organizations to deliver a digital retail bank in Hong Kong and they also announced to launch an open platform for Small and Medium Enterprises in India.
This is to grow by providing access to a range of financial and business solutions in addition the SC Ventures Fintechs Bridge a market first online platform through which the Bank seeks partnerships with fintechs to solve business challenges.