Standard Chartered has opened an eXellerator innovation lab in London, providing a platform to co-create solutions with clients, build stronger engagement with the local fintech community and drive innovation across the Group. The London eXellerator is located in the Bank’s head office within the City of London and will serve as its UK and European innovation hub.
The eXellerator lab is a collaboration space for clients, fintechs and other partners to come together and solve business problems. It is underpinned by human-centred design and a lean start-up approach, while collaboration with fintech partners will lead to rapid prototyping and testing of solutions.
Standard Chartered launched its first eXellerator in Singapore in 2016, followed by Hong Kong in 2018 to better engage with fintech community trends and clients in North Asia. The bank has had a presence in Silicon Valley since 2010 to connect with fintechs and investors, while its technology centre in Bangalore puts it at the heart of the “Silicon Valley of the East”. The labs are part of the Bank’s SC Ventures unit, which is responsible for promoting innovation, investing in disruptive financial technology, and exploring alternative business models.
Commenting on the launch, Alex Manson, Global Head of SC Ventures said: “Our clients across almost every industry are experiencing disruption in their businesses. There is an urgency for them to reinvent themselves and we have the capabilities to help. Our understanding of technology applied to business helps us innovate together, working on new business models and digital solutions for them.”
Tracy Clarke, CEO, Europe and Americas, Standard Chartered added: “London is a real hub for innovation, with banks, fintech start-ups and industry partners all located in close proximity. This creates a pool of knowledge and talent, which we’re looking forward to engaging with.”
Standard Chartered’s London eXellerator will serve as a focal point for bringing together talent, new technologies and innovative mindsets to create the next generation of products for our clients.