Standard Chartered has launched nexus, a new solution that will allow digital vendors to co-create loans, credit card and savings accounts with the bank under their own brand name.
As ecommerce platforms elsewhere are also merging financial innovations, Standard Chartered’s move will enable digital players that lack financial capabilities to enhance their offering and potentially boost revenue. Standard Chartered is targeting a launch in 2021 in Indonesia, subject to regulatory approvals, before further rolling out the service to other markets in Asia, Africa and the Middle East.
nexus fits into a broader banking-as-a-service solution which was incubated at SC Ventures, the lender’s innovation, fintech investment and ventures arm.
nexus will look to collaborate with digital platforms like social media or ride haling companies and has already found a partner with an unnamed ecommerce platform for its Indonesia launch in 2021.
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