Standard Chartered launches Shoal powered by Starling Banking Services
By Joy Dumasia
SC Ventures, the innovation arm of Standard Chartered Bank, announced the launch of Shoal, a new digital platform powered by Starling Banking Services that will give UK savers the power to help fund the fight against climate change.
Launching in 2022, Shoal will invest exclusively in green and sustainable projects, giving savers the power to select the types of projects their money supports. In this way, Shoal will empower its community to channel their savings directly to their most important causes.
The first offering on the Shoal marketplace will be a savings account. Customers will be invited to select from a shortlist of renewable energy, clean water, and community development options. Once they have chosen a theme or combination of themes to support, their money will be used exclusively to fund projects aligned with those themes.
Shoal signifies a major development in the UK banking sector, combining Standard Chartered’s leadership on sustainability and unique global footprint with Starling Bank‘s best-in-class digital capabilities and Banking as a Service (BaaS) offering in the UK. Shoal will be added to the Starling Marketplace in due course, enabling existing Starling Bank customers to benefit from this new digital sustainable offering.
Starling’s BaaS proposition has enabled Shoal to develop and build a unique product at scale and speed. Using Starling’s technology and API’s, payments can be made instantly into sustainable savings funds with Shoal. With Starling’s banking licence, all accounts will be protected by the Financial Services Compensation Scheme.
Anne Boden, CEO and Founder, Starling Bank, commented: “At Starling Bank, we’re making banking better. That is why we are pleased to deploy Starling’s Banking as a Service proposition in partnership with Standard Chartered to help their customers live ever more sustainably. Starling will handle the technical and regulatory demands behind the scenes, leaving Shoal to take care of their customers.”
Bill Winters, Group Chief Executive, Standard Chartered, said: “Our vision is to become the world’s most sustainable and responsible bank. While we looked to the COP26 conference to accelerate government action, our partnership with Starling Bank is an example of the private sector taking decisive steps to scale climate investment. With Shoal, we’re excited to build a platform that will unlock much-needed retail capital to fund sustainable projects in parts of the world where the impact will be greatest and give savers the power to make good money whilst making money do good.”
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