Standard Chartered: One global approach to partnerships 04 October 2021
The Global Partnership team have a clear strategy and ambition - “One Global Approach to Partnerships” - to drive scale, acquire new capabilities, and achieve exponential growth. To achieve our goals, there are two key factors. First, we need to focus on the material partnerships which enable customer acquisition, scale, and product cross sell. The second factor is about acquiring new capabilities enabled by digital onboarding (e-KYC, credit decisioning, alternate data) and servicing capabilities (E2E digital) to serve millions of customers at low costs.
What are some examples of partnerships underway and expected results?
We have several on-going strategic partnership discussions from pure commercial partnerships to platform white labelling with several well-established fintech companies and telcos. We expect to increase the number of customers and ability to cross-sell at lower transaction/service cost and reach market segments which would otherwise be impractical and uneconomical to serve.
How does SC see this space evolving over the next 5 years?
Partnerships will be the growth acquisition engine for the financial industry given the cost-conscious environment. Region wise, Africa will be the one to watch given its growth within the overall banking and a being the hotbed of innovation.
We also believe in social investment, i.e. “Doing Good for doing good”. ESG-related investments which promote financial inclusion will be the trend. This is what authorities and government agencies would like to solve, particularly in developing markets such as Africa and the South Asia region.