Standard Chartered is rolling out a new business platform that will help e-commerce firms shape loans, credit cards and savings products for their customers under their own brand name.
Dubbed nexus, the 'banking-as-a-service' platform has signed its first major account with an Indonesian e-commerce firm with the intention of launching its first financial products in early 2021. The bank intends to further roll out the service to markets in Asia, Africa and the Middle East.
Standard Chartered CEO Bill Winters says: “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.”
The proposition was incubated 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.