UK-based financial services firm Standard Chartered Bank opened an innovation laboratory named Exellerator in Singapore last week, marking the first time that it has launched such an initiative in Asia.
The lab is based at the bank’s main office building in Singapore’s financial district and is set to collaborate closely with Standard Chartered’s business units. Exellerator is modelled after the bank’s Silicon Valley-based incubator, SC Studios.
Standard Chartered’s decision to open Exellerator in Singapore was driven by the country’s growing fintech sector. The incubator will work with local entrepreneurs, universities and research institutes to develop new products.
Exellerator was set up with the support of Monetary Authority of Singapore, the city-state’s financial regulatory agency. Its creation follows several collaborations with Infocomm Development Authority, a statutory board of Singapore’s government responsible for the growth of the country’s IT and telecoms sectors.
Michael Gorriz, chief information officer of Standard Chartered, said: “The rise of fintech has created greater opportunities for banks to enhance customer experience, reduce costs, mitigate risks and put power into the hands of their customers through innovative deployment of technology.
“The Exellerator will expedite the implementation of digital solutions to deliver more value to our clients with improved service offerings and new business models for a new generation.”