Standard Chartered Chief Information Officer Dr Michael Gorriz and Chief Innovation Officer Anju Patwardhan have announced the opening of the bank's new Innovation Lab in Singapore to explore the use of emerging technologies and "drive the bank's innovation agenda".

The bank said that the eXellerator builds on SC Studios, its established technology outpost in Silicon Valley. Based in the heart of Singapore's financial district at the bank's main office building at Marina Bay Financial Centre, the Singapore eXellerator hub will worth closely with the business units within the bank and explore the use of emerging tech and data science in its global business, the bank said.

Chief Information Officer Gorriz said: "The rise of FinTech has created greater opportunities for banks to enhance customer experience, reduce costs, mitigate risks and put power into the hands of their customers through innovative deployment of technology.

"The eXellerator will expedite the implementation of digital solutions to deliver more value to our clients with improved service offerings and new business models for a new generation."

Patwardhan, the Chief Innovation Officer who has written about exploring blockchain and other disruptive technologies, said: "Singapore's strategic location at the heart of the ASEAN region and its vibrant FinTech ecosystem makes it the logical location for the bank to base our new global innovation lab. This is where we can tap the depth of knowledge and talent, as well as work with local universities and research organisations, to help drive the bank’s innovation agenda.

"Through our new innovation lab, we will be exploring the use of emerging technologies, data science solutions and new ways of working as a means to better customer experience and business benefits."

Patwardhan and Dr Michael Gorriz have both been at Standard Chartered less than a year. Former CIO at Daimler AG, Dr Gorriz was announced a the new global CIO in March 2015 but did not join the bank until the third quarter of last year, while Group Head of Risk Innovation Patwardhan was given the Chief Innovation Officer role in June 2015 - reporting to the other CIO - to shape the bank's "strategic innovation agenda".