Standard Chartered Bank has opened a new innovation lab in China in a bid to further drive fintech innovation.

The British banking group already operates such eXellerator innovation labs in Singapore, Hong Kong, London, Kenya and San Francisco.

These labs are powered by SC Ventures, the bank’s innovation, ventures and fintech investments unit.

The eXellerator innovation lab in China is located in Shanghai. It is expected to enable Standard Chartered leverage China’s innovation ecosystem and expertise in advanced technologies including artificial intelligence.

Additionally, the bank aims to work with promising Chinese fintech start-ups and scale their solutions across markets.

It also aims to co-create new business and operating models to transform existing banking services. The eXellerator will enable its employees to develop and test such business models.

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Standard Chartered Bank (China) CEO Jerry Zhang said: “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.

“Given the strategic importance of this market to the Group, our innovation centre in Shanghai will play a crucial role to support us in proactively reinventing ourselves, by bringing together our people, clients and fintechs to co-create and deliver the next generation of products and services.”

In April this year, Standard Chartered Bank opened its eXellerator innovation lab in Kenya.