NAIROBI, April 8 (Xinhua) -- Standard Chartered Bank Kenya on Monday launched an innovation hub to boost financial technology (fintech) companies in Africa.
Kariuki Ngari, chief executive officer Standard Chartered Bank Kenya, told journalists in Nairobi that Kenya will house the banks' fourth eXellerator lab.
"The lab will be a platform connecting fintech to the bank through match-making and open challenges. The bank will invest in the most promising startups that are commercially viable," Ngari said.
Kenya will be the first market in Africa and Middle East to house the eXellerator lab. Currently, the eXellerator has four locations in Singapore, Hong Kong, London and Kenya which connects the bank directly to different region's fintech ecosystem.
Ngari said the bank has set aside 10 billion shillings (100 million U.S. dollars) globally to invest in fintech, adding that each investment will be between 500,000 dollars and 5 million dollars per firm.
Ngari said that investing in fintech companies will help the bank stay ahead of key pivotal changes in banking technology, support the bank's digitization agenda and allow fintech firms to grow with.
