UK’s Standard Chartered Bank Invests In Malaysian Tech Hub, Not Threatened By Fintech

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Standard Chartered invests in technology hub

Scope International CEO Matthew Norris with Malaysian Minister of Trade and Industry Mustapa Mohamed. Source: Digital News Asia

As part of the Group strategy to improve its global business services (GBS) centers around the world, in addition to investing $3 billion over the next three years, Standard Chartered Group said it would invest $30 million into its global technology and operations hub in Malaysia, Scope International Sdn Bhd, reported by Digital News Asia.

“The investment will focus on.. technology, retail banking, private banking, wealth management and in improving the bank’s controls,”- Matthew Norris, CEO of Scope International Malaysia

Established in 2001, Scope International Malaysia is wholly owned by UK-based Standard Chartered Group and provides software development, banking operations, IT support services and customer services capabilities to the group in up to 70 markets, and has a total workforce of 5,000.

This is the third GBS centre – the other two are based in India and China.

Last October, Scope International Malaysia opened its Collective Intelligence and Command Centre (CnC), which involved a US$10-million investment.

Fintech opportunity

Norris doesn’t view fintech startups as a threat to the banking system, and is open to collaborating with fintech companies that share common objectives with the bank.

“Fintech is the new buzzword. We are investing on our own technology that will not only compete but complement fintech companies,”

A version of this appeared in Digital News Asia on June 28. Read the full article here.