Stanchart has launched its Africa eXellerator lab, an innovation hub that will serve as a platform to collaborate with fintechs in Kenya and the broader African region. This is with an aim of driving innovation and developing new business models or services to meet client needs in the region. The Kenyan hub adds to the Bank’s hubs located in Singapore, Hong Kong, London and San Francisco.
The hub is under SC Ventures, the Bank’s innovation, ventures and investment unit and is located at Stanchart’s head office in Chiromo. It will engage tech innovators with an aim of investing in viable fintechs, there products will then be released into the market. Towards this, the bank will invest Ksh. 10 Billion which will go towards supporting the startups to scale up and generate ideas that will solve banking problems.
Standard Chartered Kenya’s Chief Executive Officer, Kariuki Ngari, had this to say at the launch, “We are a connector bank – connecting clients, markets and products with networks and facilitating trade and investment across our global footprint across some of the fastest growing markets. We are establishing an innovation centre in Kenya – the Africa eXellerator lab, to develop better products and services for our clients. For example, we will focus on developing solutions in artificial intelligence, cyber security and ‘Banking Made Easy’, to ensure we provide the best possible services to our clients of today, and tomorrow.”
SC Ventures’ Africa Region Lead, Kennedy Mubita, had this to say, “The Africa eXellerator’s key mission is to generate value by emulating intrapreneurial, human centred and technology skills across the Bank’s franchise in Africa. The high digital adoption rate and vibrant fintech ecosystem, coupled with our strong client franchise, make for an exciting landscape for client co-creation, partnerships and innovation in Kenya, which will have applications across the Africa region.”