FinTech Alliance company Thought Machine has been chosen to power Standard Chartered’s new digital bank in Hong Kong.
Thought Machine works to develop core banking capabilities for clients as opposed to adding on to existing infrastructure.
Standard Chartered will unveil the new bank later this year.
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.