Standard Chartered has set up an eXellerator innovation lab in London, which aims to foster engagement with the local fintech community in a bid to facilitate innovation.

Situated within the bank’s London headquarters, the new facility will serve as its UK and European innovation hub.

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The latest lab complements the bank’s eXellerator lab in Singapore that launched in 2016 and the Hong Kong eXellerator lab that opened earlier this year.

The labs form part of the bank’s SC Ventures unit that supports innovation and invests in disruptive fintech.

They serve as a collaboration space for the bank’s clients, fintechs and other partners to address business problems.

SC Ventures global head Alex Manson said: “Our clients across almost every industry are experiencing disruption in their businesses. There is an urgency for them to reinvent themselves and we have the capabilities to help.

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“Our understanding of technology applied to business helps us innovate together, working on new business models and digital solutions for them.”

The bank’s presence in Silicon Valley enables it to connect with fintech firms and investor communities. It also has a technology centre in Bangalore, India.

Standard Chartered CEO for Europe and Americas Tracy Clarke said: “London is a real hub for innovation, with banks, fintech start-ups and industry partners all located in close proximity. This creates a pool of knowledge and talent, which we’re looking forward to engaging with.”