StanChart strengthens commitment to Greater Bay Area
Earlier this year Standard Chartered opened its Greater Bay Area Centre in Guangzhou, strengthening the bank’s on-the-ground presence and commitment to the economic region. Serving the cross-border needs of clients across consumer, private, business, corporate, commercial, and institutional banking, the centre is at the vanguard of the bank’s push in China, says Anthony Lin, CEO, the Greater Bay Area at Standard Chartered.
Q: Why is the Greater Bay Area (GBA) strategically important to Standard Chartered?
Lin: Standard Chartered aspires to be the “go-to bank” for the GBA clients whenever and wherever they look for banking services, and especially for clients in the affluent segment, and small and medium sized companies that operate in Hong Kong SAR and China, within and beyond the GBA. We also provide innovative and unique cross-border financial services for companies which look for extensive global network support.
Q: How is Standard Chartered demonstrating this importance and its commitment to the GBA?
Lin: GBA is a strategic focus for Standard Chartered, and our GBA business will play an integral role in contributing to the bank’s aspirations in Asia. We are accelerating our focus in seizing China opportunity, with the ambition to double its profit contribution to the group by 2024. We have committed a $300m investment over the next three years into our China-related businesses and capabilities, including GBA.
GBA acts as an important gateway connecting China to the world. The links between GBA and the member countries under the Regional Comprehensive Economic Partnership (RCEP) will enhance intra-Asia connectivity and bolster a rapidly rising China-ASEAN corridor.
With our extensive network, product and talent capabilities in Asia, we are well-placed to capture the significant opportunities that come with China’s continuous opening and RMB internationalisation, to provide seamless and innovative banking services for individuals and corporate clients.
GBA is a strategic focus for Standard Chartered, and our GBA business will play an integral role in contributing to the bank’s aspirations in Asia
Q: What role is fintech playing in the economic growth and development of the GBA?
Lin: The GBA centre is located at the heart of Guangzhou, in the Guangzhou ICC (International Commerce Centre), and includes the bank’s first fintech focused Axess Lab in mainland China, which has been formed to conduct research and provide cutting-edge innovative products through collaborations with fintech companies.
Bringing businesses, functions and innovation under one roof at the centre solidifies our position as the “go-to-bank” in the GBA, with the aim on making banking faster and better for our clients. The rapid development of the GBA has deepened the financial cooperation between the markets. The rising inbound and outbound trade and investment flows open up greater opportunities to expand the regional financial ecosystem.
About Standard Chartered GBA Centre
Standard Chartered GBA Centre, as one of key actions of Standard Chartered group’s strategy of investing and developing GBA, was a project invested by Standard Chartered Bank and Standard Chartered Bank (Hongkong) Limited in August 2020. The project is to rent and build up 7 floors offices at Guangzhou International Commercial Centre (ICC), which will be an office location to hosting multiple legal entities, branches of Standard Chartered group. At present, Standard Chartered Global Business Services (Guangzhou) Co., Ltd and Standard Chartered (Guangzhou) Business Management Co., Ltd have operated at ICC. These two legal entities will provide global back office operation services, technology solutions and innovation services to Standard Chartered group and hold ICC property usage and provide property services respectively. In the future, other Standard Chartered legal entities and branches’ move-in is under plan and preparation.
For more information, please visit https://www.sc.com/hk/gba/