StanChart Invests US$30 Million To Support Global Tech Hub

KUALA LUMPUR, June 27 (Bernama) -- Standard Chartered Bank (StanChart) will invest some US$30 million over the next three years to support its global technology and operation hub under wholly-owned subsidiary, Scope International (M) Sdn Bhd. StanChart Scope International Chief Executive Officer (CEO), Matthew Norris, said this was part of the US$3 billion the bank planned to invest to focus on strengthening its technology, retail banking, private banking, wealth management and improving bank's control. "As a global shared services centre here in Malaysia, we provide dedicated world class technology, software and system development, information technology support services, banking operations, situational awareness and response capabilities to 54 countries around the globe. "In Malaysia, the investment by the bank to boost technology is 50 per cent more than what was spent last year and this will continue to support our growth," he told reporters at Scope International's 15th Anniversary Celebration, officiated by Minister of International Trade and Industry, Mustapa Mohamed. Since the company's inception in 2001, he said it has demonstrated an impressive growth from a headcount of 150 to over 5,000 at present, out of which 86 per cent are Malaysians. Mustapa said Malaysia was committed to move from a labour intensive with low wage and low skill economy to a high-income, knowledge-based economy, which included shared services and outsourcing cluster now known as global business services (GBS). He said the growth and development of the GBS sector such as demonstrated by Scope International was commendable, and hoped that the industry could add another US$1.68 billion (RM6.9 billion) in gross national income and create 43,330 new jobs by the end of this decade as targeted. Meanwhile, on Britain leaving the European Union or Brexit's impact on StanChart as a bank headquartered in the United Kingdom, Managing Director and CEO of StanChart Malaysia, Mahendra Gursahani said he did not see anything on the horizon that would affect the bank's capability to serve customers in the market. He said despite being a UK-based company, it did not have retail operation in Britain and very little in Europe, but much of its businesses were in West Asia, Africa and Asia, which was supposed to be less exposed to Brexit risk. --BERNAMA