Standard Chartered Bank has opened a new innovation hub in Kenya to bolster its collaboration with fintech companies in the region.

The new Africa eXellerator lab will be leveraged to support innovation as well as develop new business models.

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The British bank already operates eXellerator labs in Singapore, Hong Kong, London and San Francisco.

In October last year, Standard Chartered launched its London eXellerator innovation lab.

Standard Chartered Kenya CEO Kariuki Ngari said: “We are a connector bank – connecting clients, markets and products with networks and facilitating trade and investment across our global footprint across some of the fastest growing markets.

“We are establishing an innovation centre in Kenya – the Africa eXellerator lab, to develop better products and services for our clients.”

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The African innovation hub is powered by SC Ventures, the bank’s innovation, ventures and investment unit. It is located at its Kenyan headquarters to facilitate the development and testing on new technologies and solutions.

SC Ventures global head Alex Manson said: “Banking is all about serving clients in the way they want to be served.

“We are rewiring the DNA in banking both in and outside the bank, including an extended team of partners as good ideas and great execution come from everywhere.

“Our eXellerators provide the tools and environment to develop, experiment and validate new ideas and business models emerging from both our own intrapreneurs and our partners.”

The bank is also working to strengthen its digital presence in Africa. This year, the bank rolled-out digital-only retail banks in Uganda, Tanzania, Ghana and Kenya.