Standard Chartered Bank Unveils new innovation hub in Kenya

British banking and financial services firm Standard Chartered Bank has opened an innovation hub, Africa eXellerator lab, in Kenya.

Africa eXellerator lab has been created to serve as a platform to collaborate with fintechs in Kenya and the African region for the development of new business models or services to meet the requirements of the clients.

The new innovation hub is said to compliment the bank’s other eXellerator labs situated in Singapore, Hong Kong, London and San Francisco.

Supported by the bank’s innovation, ventures and investment unit called SC Ventures, the Africa eXellerator lab was established at the bank’s Kenya head office in Chiromo, Nairobi. In its attempt to support , the bank believes that the fintechs can use the new innovation hub for the development of new technologies and solutions.

Global head of Standard Chartered  Ventures, Alex Manson said: “Banking is all about serving clients in the way they want to be served. We are rewiring the DNA in banking both in and outside the Bank, including an extended team of partners as good ideas and great execution come from everywhere.”

Standard Chartered has been co-creating solutions and establishing new partnerships to better serve its clients.

The bank has introduced digital-only retail banks in African countries such as Uganda, Tanzania, Ghana and Kenya this year, following the successful pilot launch of its digital retail bank in Côte d’Ivoire in 2018

In addition, Standard Chartered also established a joint venture with PCCW, HKT and Ctrip Finance to open a new standalone digital retail bank in Hong Kong.

The lender has also announced recently it plans to launch an open platform for small and medium Enterprises in India, for providing a range of financial and business solutions.

Through SC Ventures, Fintech Bridge online platform, and will also establish partnerships with fintechs for resolving business challenges.

Chief Executive Standard Chartered Kenya’s Kariuki Ngari said: “We are a connector bank – connecting clients, markets and products with networks and facilitating trade and investment across our global footprint across some of the fastest growing markets.”