Standard Chartered bank is renowned globally. The history of the British multinational banking and financial services provider dates to 1853, when it opened its first office and headquarters in London. Today, they operate an expansive network of over 1,200 branches across 70 countries,and they offer an extensive range of financial products, including lucrative investment products and insurance options. While operating in the world’s fastest-growing markets, Standard Chartered aims to serve regions like Africa, Asia, and the Middle East.

A Brand-New Name in Banking

The bank’s powerful stance in the financial world has been heightened as they have announced the launch ofa revolutionary digital banking solution. Nexus, by Standard Chartered, connects and enables digital platforms and ecosystems to offer loans, savings accounts, credit cards, and other financial products to customers, co-created with the bank, using their brand name.

Partnering with Indonesia

Standard Chartered is taking its first step towards this incredible journey by teaming up with Indonesia’s major eCommerce platform. This significant move will enable the alliance to co-create exclusive financial products via Nexus in 2021.Indonesia, is the fourth most populous country in the world and has the world’s highest concentration of eCommerce adoption of 88%.Standard Chartered aims to expand its services beyond the conventional markets and reach the nation’s unbanked sector.

This progressive move by the bank could signal intentions that they will offer similar services to the developing markets in Africa, Asia, and the Middle East. The bank is working proactively to address the need for radical banking solutions in these regions with powerful frameworks that regulate and control banking activities. Comprehensive digital platforms are fueling this movement as the bank plans to redefine banking in the developing world.

The Nexus team

The Advantages that Nexus Brings to Customers

The new-gen world signals a continuously expanding eCommerce market as well as  rapid development of platform business models that thrive on innovation. They are continuously making efforts to empower customers with myriad choices and enhanced convenience.

Nexus is powered by Standard Chartered Bank’s prominence in the global financial hub and state-of-the-art banking technology, and it is capable of inspiring customer loyalty and expanding beyond conventional borders.

Nexus is a transformational move set to connect with robust digital platforms across international markets, enabling convenient access to financial services to millions across the globe. The move in Indonesia is a strategic step which allows Standard Chartered to expand digitally in the world’s most crucial and the fastest-growing market.

This move intends to reach new, tech-savvy customers across the world while redefining the way existing customers bank with Standard Chartered.

By digitizing supply chain liquidity and significantly reducing supply risk the bank has clearly moved ahead in offering comprehensive financial services to the masses.

The Dynamic Role of SC Ventures

The innovative fintech investment and ventures platform provided by Standard Chartered is the catalyst behind “Banking as a Service” solution. With an earnest need accelerate innovation within the financial domain and provide exceptional financial alternatives to businesses, SC Ventures incubated this ground-breaking service. The venture now has a team consisting of inventors, engineers, and business development experts who oversee three markets.

While Nexus is the brainchild of Standard Chartered, its conception and incubation are the result of a business plan proposed by one of its employees.This shows, that experimenting with new and alternative business models and investing in unconventional and disruptive financial technologies is the chief task of SC Ventures.

A Feather in the Cap

Recently, Standard Chartered formed an alliance with Assembly Payments to enable faster real-time payments and high-volume transactions. This development comes during a time where clients’ needs are ever evolving thanks to the sudden growth of eCommerce platforms and the increase in the use of wallet apps. Thisnew technology addresses these concerns with a high level of accuracy which powers the corporate sector a high amount of inward and outward payments.

The Road Ahead

With dynamic financial activities catering to the corporate world and enabling a seamless flow of transactions on a global scale, Standard Chartered is heading to Hong Kong. The bank has strategies in place to launch a new virtual retail bank called Mox in Hong Kong. To achieve this, Standard Chartered has teamed up with PCCW, HKT, and Trip.com. This revolutionary movement helps create endless possibilities across exponential growth, mobile experience, money, exploration, and more.The bank has also has come up with the exclusive Mox card which features the following capabilities:

• A single card for all your purchases and withdrawals
• Numberless physical card to secure your personal information
• Card information can only be accessed in the Mox app
• Lock your card instantly to prevent fraudulent usage

Mox is the pioneering financial service that enables a comprehensive growth with extensive financial management tools. With this card you can expand your possibilities and enhance your net worth with practical insights. The exclusive line of Mox products, their features, and rewards are customized to suit the diverse needs of customers. You are eligible to enjoy a host of banking and lifestyle benefits exclusively designed by Mox.

Standard Chartered in India

Standard Chartered has its exclusive services serving the Indian Subcontinent via a digital open platform called Solv. The platform empowers small businesses, including SMEs in India, by enabling them to leverage the benefits of financial technology.

The application aims to offer numerous financial and business services to build trust and accelerate growth by empowering one the of world’s most powerful markets. The move, influenced by Standard Chartered, makes strenuous efforts to create millions of jobs and put India on the global map, with SMEs encouraged to contribute over 50% to India’s GDP by 2025.

The Final Word

Standard Chartered is set to empower the corporate world with a comprehensive range of innovative financial services and digital banking capabilities. The bank is concentrating its development activities on several markets across the world to bring them on to a robust platform defined by a cohesive atmosphere.

The corporate segment will benefit the most by eliminating gaps in the payment methods while performing global transactions on a unified platform which is empowered by a virtual network that is adaptive.

References:

https://www.pymnts.com/coronavirus/2020/starbucks-closes-some-seating-areas/

https://www.pymnts.com/news/b2b-payments/2020/joint-venture-delivers-payments-to-singapore/

https://mox.com/

https://www.solvezy.com/

https://scventuresdotio.wpcomstaging.com/