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Standard Chartered launches Banking as a Service solution nexus

Standard CharteredStandard Chartered launched its Banking as a Service solution nexus through which digital platforms and ecosystems like e-commerce, social media or ride-hailing companies will be able to offer loans, credit cards and savings accounts co-created with the bank to their customers under their own brand name. The bank is starting off with an e-commerce platform in Indonesia as their first partner and expects to co-create and launch products powered by nexus in 2021, subject to regulatory approvals.

Bill Winters, Group Chief Executive, Standard Chartered apprised, “nexus is potentially transformational for the bank and our customers. We will actively partner with leading consumer platforms in our markets to enable convenient access to financial services to millions of new, tech-savvy customers. We are starting with Indonesia, as part of our strategy to grow digitally and expand our business in this important, fast growing market.”

The bank intends to roll out nexus to markets in Asia, Africa and the Middle East with the right regulatory frameworks and established digital platforms. The Banking as a Service solution was incubated at SC Ventures, Standard Chartered’s innovation, FinTech investment and ventures arm. The bank recently announced a joint venture with Assembly Payments to develop and deliver payment solutions for the global e-commerce industry.

In Hong Kong, the bank announced that it is set to launch a standalone digital retail bank Mox, in partnership with PCCW, HKT and Trip.com; and has also built a digital open platform Solv, to help Small and Medium Enterprises (SMEs) in India and other markets grow by providing access to financial and business services.

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