Standard Chartered Hong Kong Sets Up New Entity For Its Virtual Bank
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Standard Chartered Hong Kong Sets Up New Entity For Its Virtual Bank

Standard Chartered Hong Kong has set up a new entity for its virtual bank and has submitted its application for a virtual banking licence to the Hong Kong Monetary Authority

The bank has appointed Deniz Güven as the Chief Executive Officer of the new entity and will lead a team to build a new banking model to deliver innovative digital solutions with a human touch to clients in Hong Kong.

 Mary Huen, Chief Executive Officer of Standard Chartered Hong Kong said, “The setting up of a new entity marks a very important step towards making a truly digital bank in Hong Kong a reality. I am delighted to have Deniz as the CEO. If our application is successful, Deniz will lead the team in building a virtual bank which will be a break-through in how clients experience banking, focussing on financial inclusion and fostering dynamic partnerships to create a comprehensive digital ecosystem.”

Samir Subberwal, Regional Head of Retail Banking, Greater China and North Asia at Standard Chartered added, “We have a real opportunity to create a new bank designed to make life easier and more rewarding for Hong Kong clients. We have the expertise in financial products, and now we will focus on creating valuable digital services and collaborating with technology players and start-ups.”

Commenting on his appointment, Deniz said, “I am honoured to have the opportunity to lead a new virtual bank in Hong Kong. Our focus is to build a smart bank to solve clients’ pain points with real digital services. We aim to create and execute a new banking model, which will set the global benchmark for all digital players.”

Deniz has 18 years of banking experience and has been the Global Head, Design and Client Experience for Retail Banking, Standard Chartered since May 2017. Prior to joining Standard Chartered, Deniz served as the Senior Vice President at BBVA Group’s Garanti Bank in Turkey. During his role at Garanti, Deniz was responsible for end-to-end digital assets, as well as iGaranti the first mobile only bank in Turkey. Deniz played an important role which enabled Garanti to reach 5 million active digital customers and to grow their market share in Turkey.

The announcement is the latest move by a big-name bank to gain governmental approval for virtual financial services. To catch up on the story so far, click here.

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