Standard Chartered has opened a new innovation lab in Hong Kong called eXellerator in a bid to encourage innovation within the bank and utilise emerging financial technologies and data science in the region.

The new facility will complement the bank’s global network of innovation labs which are engaged in exploring new technologies and processes to improve customer experience.

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Standard Chartered Hong Kong CEO Mary Huen said: “For us at Standard Chartered Hong Kong, the eXellerator is more than just a new office space.

“It is all about innovation and making change happen. As clients become more digital and expect more seamless, timely and user-friendly access to banking services, we need to constantly innovate and improve, or risk being left behind.”

Located in Standard Chartered Bank Building in Kwun Tong, the eXellerator is created by co-working space company WeWork.

It will offer a dedicated space for business units, clients, technology companies and industry partners to collaborate and resolve business problems and explore new opportunities following definite methodologies.

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The lab will also provide the bank’s staff and its partners an area with project and training rooms as well as a testing lab to support their engagement and creation procedure.

Standard Chartered group chief information officer Michael Gorriz said: “The word ‘eXellerator’ stems from two words: acceleration in change and excellence in client service.

“With the eXellerator now in Hong Kong, all the ideas which will be created in our largest market in the world, will obviously benefit the clients here, and elsewhere in the world.”

This Hong Kong lab will focus on developing key solutions in the areas of artificial intelligence and cyber security.