Standard Chartered Bank has opened a innovation lab in Shanghai in a bid to tap into China's growing tech ecosystem and expertise in AI.
The Shanghai opening adds to Standard Chartered's existing network of labs, which are open in Singapore, Hong Kong, Kenya, London and San Francisco. The latest lab will aim to promote collaboration between the bank's employees, corporate clients and fintech partners to develop new financial services for businesses.
"Rapid changes in financial technology are reshaping the future of the global banking industry, especially here in China, which is home to some of the world's most established companies leading the way in areas like artificial intelligence and Big Data," said Standard Chartered Bank China CEO Jerry Zhang in a statement.
Rapid changes in financial technology are reshaping the future of the global banking industry"
"Given the strategic importance of this market to the group, our innovation center in Shanghai will play a crucial role to support us in proactively reinventing ourselves by bringing together our people, clients and fintech to co-create and deliver the next generation of products and services," he added.
Standard Chartered has already struck an agreement with Linklogis to use the Chinese B2B player's blockchain-enabled supply chain platform to improve business financing opportunities and deepen client relationships in China.
"To truly rewire the DNA in banking, we need to go beyond just offering a digital interface," SC Ventures global head Alex Manson added in another statement. "Our eXellerators create an environment which combines innovation from both in and outside the bank to rapidly prototype and experiment with new ideas and business models that will allows us to better serve our clients with solutions that address their problems or needs."
These eXellerator innovation labs are powered by SC Ventures, the bank's innovation, ventures and fintech investments unit. In April this year, Standard Chartered Bank opened its eXellerator innovation lab in Kenya.