Standard Chartered applies for HK virtual licence for new bank
Standard Chartered Bank (Hong Kong) has set up a new entity for its virtual bank and has already submitted its application for a virtual banking licence to the Hong Kong Monetary Authority.
Leading this new entity is Deniz Güven, who has been appointed chief executive officer. He worked at BBVA Group’s Garanti bank in Turkey, with particular focus on the digital development.
Mary Huen, chief executive officer of Standard Chartered Hong Kong, says that the new bank will be focusing on financial inclusion and “fostering dynamic partnerships to create a comprehensive digital ecosystem”.
“We have a real opportunity to create a new bank designed to make life easier and more rewarding for Hong Kong clients,” adds Samir Subberwal, regional head of retail banking, Greater China and North Asia at Standard Chartered. “We have the expertise in financial products, and now we will focus on creating valuable digital services and collaborating with technology players and start-ups.”
The bank had already announced its intentions to seek this licence in June 2018 for its new project, which aims to “deliver innovative digital solutions with a human touch to clients in Hong Kong”. In other words, the aim is to digitise the banking process with the new entity.
Standard Chartered has been very busy dealing with blockchain projects recently, particularly in Hong Kong, where it’s partnered with other banks to launch a trade finance blockchain platform.
More recently, Standard Chartered has teamed with Siemens Financial Services, the financing arm of Siemens, and TradeIX, a digital trade provider, to create blockchain-based smart guarantees for trade finance.