Former Standard Chartered Singapore CEO joins STACS as Chairman
By Edil Corneille
Ray Ferguson, the former CEO of Standard Chartered Singapore, has joined homegrown financial technology (FinTech) start-up Hashstacs (STACS), a Singapore-based company providing transformative technology to the financial services sector, as Chairman. STACS is focused on capital markets use cases such as the trade lifecycle management of bonds, Environmental, Social, and Governance (ESG) FinTech, structured products, and exchange-traded derivatives.
Ferguson will support STACS with its deeper understanding of capital markets and ways in which boards of multinationals think about emerging disruptive technologies, thereby further developing business strategy and strengthening standards of governance. Key upcoming plans for STACS under Ferguson’s leadership will include embarking on a fund raise later this year to scale the business, onboarding more strategic investors, and furthering its ecosystem expansion with more industry partners, especially in connection with the theme of ESG and green FinTech.
A key focus for STACS in 2021 is its GreenSTACS technology allowing financial institutions to employ effective ESG financing with smart contracts, manage usage of proceeds effectively, and have transparent real-time tracking and impact reporting of green assets on the distributed ledger technology (DLT).
Benjamin Soh, Co-founder & Managing Director at STACS said, “We are delighted to welcome Ray to the STACS team as Chairman. The market opportunity that lies before us is colossal, global, and with big sophisticated financial institutions that only accept the very best when it comes to technology and standards. The advantage we have is that our technology platforms are live, institutional, and already proven in the marketplace with various award wins, including the Monetary Authority of Singapore (MAS) Global FinTech Innovation Challenge Awards 2020. Where Ray can really help us is with getting to that next rung on the ladder, and I look forward to our team gaining immensely from his knowledge and network in capital markets, as well as his prior experience in scaling a technology startup unicorn. Together with Ray, I believe that we can bring STACS forward into a phase of accelerated growth.”
Ray Ferguson, Chairman of STACS said, “It’s an honour to join STACS as Chairman. One thing I’ve learned over my career is that if you’re going to be a chairman, you have to work with a great team. I have been impressed with the STACS team and the numerous qualities they have shown, which is first and key – the rapport, camaraderie, and shared vision. I believe STACS has the potential to become a globally renowned infrastructure player for the financial services sector built on it’s DLT backbone, leveraging the proven strength of governance and infrastructure here in Singapore. Finally, we need customers and partners that are global in order to become a global institution ourselves, and this is where I will focus my energies — identifying propositions that allow us to work with the biggest banks and institutions in the world.” In addition to his new role at STACS, Ferguson holds other roles including as Chairman of Singapore-based technology insurance platform Aviva Singlife Holdings.
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