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Thought Machine Helps Standard Chartered Launch Digital Bank in Hong Kong

Standard Chartered has selected Thought Machine to provide core banking capabilities for its new digital bank launching in Hong Kong, reports Alex Hamilton of Fintech Futures (Finovate’s sister publication).

The new venture, for which Standard Chartered received a virtual banking license from the Hong Kong Monetary Authority (HKMA), will be unveiled later this year.

According to Deniz Güven, CEO of the as-yet unnamed bank, the selection of the right vendors was a crucial part of building out the bank’s capabilities.

He told FinTech Magazine that Thought Machine would be used as the bank’s “powerful product engine.”

The virtual bank is also using payments processor Paymentology, deploying Netsuite from Oracle and working with FICO to build out its credit business.

According to a May blog post from Güven, it has gone from a core team of ten people to more than 100 members of staff.

“We saw our chance to build a bank with a totally new operating model: new, cloud-based technology from the ground up,” wrote the CEO at the time, “a new way of onboarding clients, new anti-money laundering and fraud systems designed from the client’s viewpoint.”

Thought Machine demonstrated its core banking technology, Vault, at FinovateEurope 2018. Headquartered in London, U.K., and founded in 2014, Thought Machine has raised more than $23 million (£18 million) in funding, and includes Lloyds Banking Group and Backed VC among its investors.