StanChart to invest US$30mil in its Malaysian-based global tech hub

  • Expects its GBS centres to benefit from US$3bil invested last November
  • Doesn’t see fintech startups as a threat but as an opportunity
StanChart to invest US$30mil in its Malaysian-based global tech hub

STANDARD Chartered Group said it would invest US$30 million into its global technology and operations hub in Malaysia, Scope International Sdn Bhd.
 
Scope International Malaysia chief executive officer Matthew Norris said that in the next three years, the Standard Chartered Group will see its global business services (GBS) centres around the world benefitting from the US$3 billion that was invested last November.
 
“A significant portion of the US$3-billion investment is dedicated to transforming Standard Chartered’s digital capabilities and providing faster and easier services to our customers,” he said at Scope International’s 15th anniversary celebration in Kuala Lumpur on June 27.
 
“The investment will focus on Standard Chartered’s core strengths in the areas of technology, retail banking, private banking, and wealth management, and in improving the bank’s controls,” he added.
 
Established in 2001, Scope International Malaysia is wholly owned by UK-based Standard Chartered Group and is its third GBS centre – the other two are based in India and China.
 
Scope International 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.
 
Last October, Scope International Malaysia opened its Collective Intelligence and Command Centre (CnC), which involved a US$10-million investment.
 
Norris said that with both infrastructure and talents at its disposal, Scope International Malaysia would be able to drive its digital aspirations and more aggressively “transition to knowledge processing,” besides business processing.
 
“We will continue to be a pioneer in bringing new capabilities to not only meet, but exceed our clients’ dynamic needs,” he declared.
 
Fintech opportunity
 
This year, Standard Chartered Malaysia will spend 50% more on overall technology compared with 2015, although managing director and chief executive officer Mahendra Gursahani declined to reveal actual figures.
 
When asked about his thoughts on financial technology (fintech) startups, he said the bank does not see them as a threat, 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,” Mahendra told a press conference.
 
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