Standard Chartered launches ‘BaaS’ nexus solution
(17 March 2020 – Hong Kong) Standard Chartered has announced its new Banking as a Service (BaaS) solution ‘nexus’. The offering will allow digital platforms and ecosystems such as eCommerce to have the functionality to offer loans, credit cards and savings accounts to their customers but co-created with the bank while ‘white labelling’ their own brand.
The bank is launching the solution with an Indonesian eCommerce platform and expects to co-create products powered by nexus in 2021, subject to regulatory approvals.
Standard Chartered plans to extend nexus to markets in Asia, Africa and the Middle East. The solution was incubated at SC Ventures, Standard Chartered’s innovation, FinTech investment and ventures arm. The bank recently announced a joint venture with Assembly Payments to develop and deliver payment solutions for the global eCommerce industry.
In Hong Kong, the bank announced it is set to launch a standalone digital retail bank ‘Mox’, in partnership with PCCW, HKT and Trip.com. The group has also built a digital open platform ‘Solv’, to support small businesses in India and other markets grow by providing access to financial services.
“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. ‘nexus’ is potentially transformational for the bank and our customers. We are starting with Indonesia, as part of our strategy to grow digitally and expand our business in this important, fast growing market” stated Standard Chartered Group CEO Bill Winters.