Standard Chartered sets up AI lab to test banking use cases

The $11.7m tie-up with A*STAR targets wealth support and fraud control.

Standard Chartered Bank (Singapore) Ltd. is setting up an artificial intelligence (AI) lab with Agency for Science, Technology and Research (A*STAR) to test applications in wealth management and fraud control as banks move from pilots to commercial use.

“The partnership focuses on applied use cases that can meaningfully improve client experience and operational effectiveness,” Alvaro Garrido, chief operating officer for technology and operations at Standard Chartered Bank (Singapore), told Asian Banking & Finance.

The “AI for Banking Innovation Lab” will explore how AI can support relationship managers and strengthen risk controls, including fraud detection.

“Through this partnership, we are exploring AI capabilities while ensuring they are explainable, secure, and aligned with regulatory expectations,” Garrido said in an emailed reply to questions.

Standard Chartered and A*STAR have committed $11.7m (S$15m) to the lab, with additional support from the Economic Development Board and National Research Foundation. Their contributions were not disclosed.

A*STAR will assign about 10 researchers to work with the bank’s teams, focusing on practical deployment rather than early-stage research.

The work will centre on tools to help bankers manage client portfolios, improve service, and detect suspicious activity earlier.

“This would include exploring the potential of frontier models, identifying opportunities to accelerate CPU (central processing unit)-based computations with GPU (graphical processing unit) infrastructure, and novel algorithms that improve overall client experience,” Garrido said.

He added that areas under study include voice tools, recommendation systems, and intent detection to support client interactions.

“The emphasis is on experimentation and validation to use AI to enhance decision-making, streamline analysis, and enable more informed client conversations,” he said.

The three-year programme builds on earlier work between the two organisations through SC Ventures, the bank’s investment arm, which studied the use of large language models in intellectual property.

A central research team and SC Ventures’ AI unit will oversee development and align projects with business needs, Garrido said.

Initial research has focused on fairness in large language models and explainable AI.
Garrido said future adoption would depend on improving efficiency and client outcomes whilst keeping human oversight and clear accountability.