Standard Chartered is ramping up its efforts to launch a digital bank in Hong Kong.

The UK-headquartered lender has submitted its application for a digital banking licence to the Hong Kong Monetary Authority.

Deniz Güven, currently global head, design and client experience for retail banking, Standard Chartered, will be CEO.

Mary Huen, Chief Executive Officer of Standard Chartered Hong Kong said: “The setting up of a new entity marks a very important step towards making a truly digital bank in Hong Kong a reality.

“If our application is successful, Deniz will lead the team in building a virtual bank which will be a break-through in how clients experience banking, focussing on financial inclusion and fostering dynamic partnerships to create a comprehensive digital ecosystem.”

Samir Subberwal, Regional Head of Retail Banking, Greater China and North Asia at Standard Chartered added: “We have a real opportunity to create a new bank designed to make life easier and more rewarding for Hong Kong clients.

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“We have the expertise in financial products, and now we will focus on creating valuable digital services and collaborating with technology players and start-ups.”

Deniz Güven: distinguished digital track record at Garanti

Güven said: “I am honoured to have the opportunity to lead a new virtual bank in Hong Kong. Our focus is to build a smart bank to solve clients’ pain points with real digital services. We aim to create and execute a new banking model, which will set the global benchmark for all digital players.”

Güven has a distinguished digital banking track record. Prior to joining Standard Chartered, Güven served as the Senior Vice President at BBVA Group’s Garanti Bank in Turkey.  He was responsible there for end-to-end digital assets, as well as iGaranti the first mobile only bank in Turkey.

In March, Standard Chartered launched its first digital-only retail bank in Ivory Coast. Standard Chartered said that it is using Ivory Coast as a testing ground for a global launch of virtual banks.