Standard Chartered is pushing ahead with plans to set up a digital banking operation in Hong Kong, creating a new entity for the venture and appointing a CEO.
In June the bank revealed that it is seeking to take advantage of new rules from the Hong Kong Monetary Authority on the granting of virtual banking licences for both traditional and non-banks in the territory. Standard Chartered's move is intended to face off competition from new players and attract the millennial segment.
Deniz Güven has now been put in charge of the new entity and will lead a team to build a banking model delivering innovative digital services "with a human touch".
Güven has a long digital banking history: he has been the global head, design and client experience for retail banking at Standard Chartered since last year. Previously, he worked at BBVA Group’s Garanti Bank in Turkey, responsible for end-to-end digital assets, as well as iGaranti, the first mobile only bank in Turkey.
Says Güven: "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."