Standard Chartered launches its “Banking as a Service” solution, nexus
Through nexus, digital platforms and ecosystems will be able to offer loans, credit cards and savings accounts co-created with the bank.
Standard Chartered today announces the launch of its “Banking as a Service” solution, nexus. Through nexus, 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.
Standard Chartered commences this project by signing a major e-commerce platform in Indonesia as their first partner and expect to co-create and launch products powered by nexus in 2021, subject to regulatory approvals. Piloting nexus in Indonesia gives Standard Chartered the opportunity to reach the unbanked and expand its customer base in the world’s 4th most populous country.
The bank intends to further launch the service in markets in Asia, Africa and the Middle East with the right regulatory frameworks and established digital platforms.
The “Banking as a Service” solution was born at SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm. It started from a business plan mooted by an employee, who now leads the venture with a team of over 100 developers, engineers, and business development professionals across three markets.
Standard Chartered has been actively experimenting with new business models to meet the evolving needs of its clients. Iis set to launch a standalone digital retail bank in Hong Kong, Mox, in partnership with PCCW, HKT and Trip.com. Let’s recall that Standard Chartered was among the first batch of applicants to secure virtual bank licenses from the Hong Kong Monetary Authority (HKMA) back in March 2019.