Standard Chartered Bank partners Singapore Management University to establish innovation lab

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1 FOR IMMEDIATE RELEASE Standard Chartered Bank partners Singapore Management University to establish innovation lab The Bank will provide US$1 million annually for R&D Singapore, 29 May 2006 Standard Chartered Bank and Singapore Management University (SMU) are collaborating to establish an innovation laboratory. The Standard Chartered Bank - Singapore Management University Innovation Centre (Innovation Centre) will conduct leading-edge research and development in business and financial products, services and technology for the Bank s global network. Standard Chartered will provide an annual funding of US$1 million for the Innovation Centre which will go towards research work undertaken by project teams comprising SMU faculty and students, and SCB staff. These teams will work in close consultation with senior Standard Chartered executives to conduct applied business and technology research that is both customer-driven and commercially relevant. The 90-metre square Innovation Centre, located in the School of Information Systems at SMU, will be managed jointly by Standard Chartered Bank and SMU. 1

2 Standard Chartered recognises that innovation is crucial in answering the demands of the competitive banking environment as well as to outserve its customers with innovative financial solutions. This is the first time that a global bank has established a partnership with a Singapore university to build and staff an innovation centre on campus. The Innovation Centre creates the perfect environment for students to hone their commercial skills and develop innovative solutions in response to real life business scenarios and challenges. Jan Verplancke, Chief Information Officer & Group Head for Group Technology & Operations said: The future of banking is in Asia and one of the drivers of this future is innovation. Standard Chartered is putting its global innovation centre in Singapore working with SMU, which has quickly established a reputation in this area. SMU faculty and students have exhibited the characteristics that we find in our experience to be essential for innovation openness, ambition and the courage to challenge convention. Singapore has great educational institutions with many talented students. SMU as an institution has a great approach to harnessing that talent. Standard Chartered Bank and SMU both believe that the intersection of business challenges, research advances, technology development and diverse talent recruitment creates the ideal environment for innovation. The Innovation Centre is ideally positioned to take advantage of this opportunity, and was created with the belief that successful and replicable innovation is a key driver of organic business growth by generating significant differentiation and sustainable competitive advantage for corporations. 2

3 Professor Howard Hunter, President, Singapore Management University: Innovation in consumer banking is one of the most important elements for any financial institution to stay competitive. SMU, known for its strong grounding in finance and cross-discipline business innovation, will provide access to the rich intellectual capital and world-class research expertise of its faculty and students in spearheading research & development for Standard Chartered Bank. SMU undergraduates who have achieved a high level of maturity in their analysis of the banking environment through their rigorous academic training and internship experiences will provide a deep resource for fresh ideas. I believe that they will make significant contributions to this strategic partnership. The synergistic partnership aims to leverage key strengths from both organisations, with Standard Chartered Bank providing business propositions, key insights into customers requirements and commercial expertise. SMU s Faculty and student body, highly trained in disciplines ranging from business management, accountancy, information systems, to economics and social sciences, offer a natural opportunity for a highly complementary strategic partnership in the search for successful innovation. The SMU curriculum, together with Standard Chartered Bank s business focus, creates a unique opportunity to develop and apply innovations, whereas the Innovation Centre provides a powerful setting for SMU s business and technology students and Faculty to tightly integrate their research activity with each other and with Standard Chartered Bank s business units. 3

4 This programme underscores Standard Chartered Bank s commitment and belief in talent development by creating opportunities to groom future talent. Further, Standard Chartered Bank and SMU have jointly launched the Young Stars Programme in order to identify and attract top minds for early employment at Standard Chartered Bank. -- ENDS For more information, please contact: Joanna Ong Corporate Affairs, Singapore Standard Chartered Bank DID: Joanna.Ong@sg.standardchartered.com Mr Chua Loo Lin Senior Manager Office of Corporate Communications Singapore Management University DID: /Mobile: lichua@smu@edu.sg 4

5 Note to Editors: Standard Chartered leading the way in Asia, Africa and the Middle East Standard Chartered PLC is listed on both the London Stock Exchange and the Stock Exchange of Hong Kong and is ranked in the top 25 among FTSE-100 companies, by market capitalisation. Standard Chartered has a history of over 150 years in banking and is in many of the world s fastest growing markets. It has an extensive global network of over 1,200 branches (including subsidiaries, associates and joint ventures) in 56 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. As one of the world s most international banks, Standard Chartered employs almost 44,000 people, representing 89 nationalities, worldwide. Standard Chartered s strengths lie in its breadth, diversity and balance and is trusted across its network for its standard of governance and corporate responsibility. The Bank is committed to all its stakeholders by living its values in its approach to managing its people, exceeding expectations of its customers, making a difference in the communities that we operate in and working with its regulators. Standard Chartered uniquely derives 95% of profits from Asia, Africa and the Middle East. Serving both Consumer and Wholesale Banking customers, the Bank combines deep local knowledge with global capability to offer a wide range of innovative products and services as well as award winning solutions. Some of the major awards won in 2005 by the Bank include: 1. IFR Asia s Domestic Bond House of the Year 2. Finance Asia s Best Local Currency Bond House & Best Securitisation House 3. Asia Risk s Interest Rates Derivatives House of the Year 4. Trade Finance s Best Trade Finance Bank in Sub Saharan Africa 5. Global Custodian s Best Agent Bank in Asia 6. The Asset s Best Cash Management Bank for South Asia 7. Retail Banker International s Best Retail Bank in Asia Pacific. For more information on Standard Chartered, please log on to 5

6 About Singapore Management University Incorporated on 12 January 2000, SMU s aim is to groom outstanding business leaders and creative entrepreneurs capable of excelling in a rapidly changing and dynamic world. The first in Singapore to be set up as a private university offering an American-style education, SMU occupies a newly completed purpose-built and state-of-the-art city campus located right in the heart of Singapore s civic and business district. SMU s School of Information Systems was established in 2003 to extend the SMU research and educational mission into the realm of information technology and systems for business. The school has been designed and launched through a close collaboration with Carnegie Mellon University, a top American university in the field of information and technology. Today, SMU is home to over 4,000 students and comprises four schools: Lee Kong Chian School of Business, School of Accountancy, School of Economics & Social Sciences and School of Information Systems. For more information, visit 6