Standard Chartered outlines groundbreaking virtual bank plans in Business Chief and FinTech magazines
(Norwich, UK, 12/09/2019)
In this month’s Business Chief Asia and FinTech magazines, Standard Chartered’s Managing Director & Regional Head of Retail Banking, Greater China & North Asia, Samir Subberwal, discusses the financial giant’s groundbreaking plans for an innovative virtual bank.
Subberwal tells the publications that Standard Chartered is poised for growth. Standard Chartered, which is a trusted partner for the people of Hong Kong, has more than 70 branches in the region and is one of only three note-issuing banks, is taking great leaps in innovation to retain its leading position. Subberwal details these investments, including the recent launch of a new mobile funding capability, a revamped mobile banking platform and the soon to be launched, cutting-edge virtual bank.
The latter, says Subberwal, will be one of the first virtual banks in Hong Kong, which offers a new proposition to the market and will champion an entirely new operating model for Standard Chartered. The new innovation will see Standard Chartered build a new tech stack from scratch, become a real cloud-based bank, redefine the customer onboarding model and much more.
Deniz Güven, CEO of the Virtual Bank by Standard Chartered, explains: “Many people talk virtual banks, neo banks, challenger banks and digital banks, but we like to describe how we’re building a future operating model for Standard Chartered. Some businesses create a mobile platform, push marketing and call it a challenger bank. We, however, want to rebuild and recreate our business model.”
Standard Chartered’s new virtual bank is expected to commence by the end of 2019 and will act as an entirely separate entity from the business.
Read more in the magazine.