Standard Chartered is set to launch a new digital platform to enable retail customers in the UK to invest in green and sustainable projects.

SC Ventures, the innovation arm of the lender, announced plans to roll out the offering next year.

Named Shoal, the platform is powered by Starling Banking Services.

How it will operate?

Shoal will enable customers to select from a shortlist of options such as renewable energy, clean water and community development. Once they select their preferred theme, the customer’s savings will be used to fund such projects.

The customers will receive regular updates on the projects they funded as well as a ‘competitive rate of return’.

Future plans

Shoal will be added to the Starling Marketplace in future. This will allow existing Starling Bank customers to benefit from the offering.

The SC Ventures and Starling Banking Services partnership also intends to launch Shoal in other European countries.

Quote:

Standard Chartered group CEO Bill Winters said: “Our vision is to become the world’s most sustainable and responsible bank. While we looked to the COP26 conference to accelerate government action, our partnership with Starling Bank is an example of the private sector taking decisive steps to scale climate investment.

“With Shoal, we’re excited to build a platform that will unlock much-needed retail capital to fund sustainable projects in parts of the world where the impact will be greatest and give savers the power to make good money, whilst making money do good.”

Last month, Standard Chartered partnered with digital credit platform Kredivo to offer BNPL loans in Indonesia.