Standard Chartered nexus, Standard Chartered’s Banking-as-a-Service solution Qorus Banking Innovation Awards 2023 - Winner

We are a white-label plug and play Banking-as-a-Service (BaaS) solution powered by Standard Chartered with a vision to redefine the banking experience for customers globally by digitally marrying ecosystems to banks. Already live in Indonesia with Bukalapak, and launching soon with Sociolla in 2023, we’re expanding to a second market with a third partner. Our track record speaks volumes – within just six months, our partnership with Bukalapak acquired over 230,000 customers, 98% of whom are new-to-bank. Standard Chartered nexus is the player to watch as the banking scene evolves. What is the innovation: Like a “bank-in-a-box”, our banking platform is seamlessly integrated within Standard Chartered’s core banking infrastructure. This positioning allows us to embed financial services directly into our partner platforms and serve their vast customer base without compromise. Our uniform stack is both rapidly scalable and comprehensive. It is built on open source that achieves lower operating cost, simple operation and evolution. • Scalability: Designed to support millions of customers, our platform adapts effortlessly to fluctuations in demand, creating an elastic system of engagement • Comprehensiveness: Covering a wide spectrum of banking capabilities, our solution can be deployed swiftly within a container platform, effectively encapsulating the entire banking experience in a self-contained unit. Why it’s innovative: We built the platform with multi-tenancy and simple partner onboarding in mind. We deploy one instance per country and plug multiple partners into it. Partner integration is based on open standards (OpenID Connect, PSD2, FAPI): secure and easy to implement. Our platform adheres to all local security and compliance legislations through multiple assessments and approvals. Our technology solution adheres to the highest standards of security and regulatory requirements. We are also a connectivity of ecosystems powered by mutual information and data sharing with partners – all to enhance user experience and create data products. We believe that we can serve customers better by understanding their behaviours and habits to provide a truly customised offering. To achieve this, we built a modern data lake for real-time and offline analytics. Partners leveraging our solution stand to bolster their competitive offerings by having the ability to offer unique banking and financial products. Take our partnership with Bukalapak for example. We have launched BukaTabungan, a digital banking service that combines the reach of Bukalapak’s all-commerce platform and the technology of Standard Chartered’s Banking-as-a-Service solution to offer users greater convenience, security, and drive financial inclusion. Presently, BukaTabungan boasts a customer base exceeding 230,000 (as of 25 August 2023), with 98% of them new to Standard Chartered. Our current offerings span Current Account and Savings Account (CASA) services, debit cards, and lending capabilities (currently available to whitelisted users). Our solution is transformational for Standard Chartered – for the first time in our 160-year legacy, Standard Chartered can target mass market segments and traditionally underserved users at scale. As one of the first traditional banks in Asia to offer this BaaS model, we wanted to build a scalable, on-cloud platform that could connect with multitudes of partners in different geographies seamlessly. We enable Standard Chartered to develop new business models and build ecosystem partnerships to: • Acquire mass market customers at scale • Tap into partners’ ecosystems, leverage their competitive strengths and improve financial access to traditionally underbanked/unbanked populations in developing markets