Standard Chartered Bank (Singapore) is partnering with the Agency for Science, Technology and Research (A*STAR) to launch the “AI for Banking Innovation Lab.” This three-year initiative aims to transition artificial intelligence from experimental stages to practical, commercial applications within wealth management and security. With a combined commitment of $11.7 million, alongside support from the Economic Development Board and the National Research Foundation, the lab will focus on enhancing client experiences and tightening fraud prevention.
The collaboration will see approximately 10 researchers from A*STAR working directly with the bank’s teams to deploy tools that assist relationship managers in handling portfolios and identifying suspicious activities. According to Alvaro Garrido, Standard Chartered’s COO for technology and operations, the lab will prioritize “applied use cases,” such as voice-activated tools, recommendation systems, and intent detection, all designed to facilitate more informed and efficient client interactions.
Technologically, the lab intends to push boundaries by exploring frontier models and shifting heavy computations from CPUs to GPU-based infrastructure to accelerate performance. A key priority for the bank is ensuring that these AI capabilities remain “explainable, secure, and aligned with regulatory expectations.” This focus builds on previous joint research regarding fairness in large language models and the ethical deployment of AI.
Ultimately, the lab’s development will be overseen by a central research team and the bank’s investment arm, SC Ventures. The goal is to ensure that every project serves a direct business need while maintaining strict human oversight and clear accountability in the decision-making process.
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