FinTech Alliance company Thought Machine has been chosen to power Standard Chartered’s new digital bank in Hong Kong.
In Brief:
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Thought Machine works to develop core banking capabilities for clients as opposed to adding on to existing infrastructure.
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Standard Chartered will unveil the new bank later this year.
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The company has received a virtual banking license from the Hong Kong Monetary Authority (HKMA).
What does this mean?
The bank has stated that finding the right vendors was crucial, and Thought Machine joins a stable of tech companies which includes Oracle and Paymentology.
