Standard Chartered Bank today announced the opening of the eXellerator, the bank’s innovation lab in Singapore.

The eXellerator builds upon Standard Chartered’s established technology outpost – SC Studios – in the Silicon Valley and is the first of such a dedicated and strategic space for the bank in Asia.

Located in the bank’s main office building at Marina Bay Financial Centre, the new innovation lab will work closely with the business units within the bank and explore the use of emerging technologies and data science for sustainable business solutions.

Standard Chartered’s group chief information officer – Dr Michael Gorriz – 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."

Sopnendu Mohanty – chief fintech officer at the Monetary Authority of Singapore – weighed in: "The financial sector is an integral part of Singapore’s ambition to be a Smart Nation. A Smart Financial Centre with an open architecture and collaborative fintech community will promote innovation, application of technology advancements and talent development in financial services. MAS is delighted to have Standard Chartered Bank as a key contributor to the fintech ecosystem with the launch of its innovation lab in Singapore."