The latest technology news in the wealth management sector from around the world.

Standard Chartered is launching its “Banking as a Service” solution, nexus - a set of digital platforms and ecosystems to offer loans, credit cards and savings accounts built alongside the bank. Initially, the offering is being launched in Indonesia next year, aiming to tap fast e-commerce adoption in the Asian nation.

The bank will work with a “major e-commerce platform in Indonesia” as its first partner and expects to co-create and launch products powered by nexus in 2021, once regulators clear it, it said in a statement earlier this week. 

With an e-commerce adoption rate of 88 per cent, Indonesia has the highest rate in the world, and is the fourth most populous country. Standard Chartered also plans to expand the service to other Asian markets, as well as to the Middle East. Across the world, the e-commerce market is worth a whopping $29 trillion.

“Nexus is potentially transformational for the bank and our customers. We will actively partner with leading consumer platforms in our markets to enable convenient access to financial services to millions of new, tech-savvy customers. We are starting with Indonesia as part of our strategy to grow digitally and expand our business in this important, fast growing market,” Bill Winters, group chief executive of Standard Chartered, said. 

The “Banking as a Service” solution was incubated at SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm. 

The bank recently announced a joint venture with Assembly Payments to develop and deliver next generation payment solutions. In Hong Kong, it is set to launch a standalone digital retail bank in Hong Kong, Mox, in partnership with PCCW, HKT and Trip.com, and has also built a digital open platform, Solv, to help small and medium enterprises (SMEs) in India and other markets grow by providing access to financial and business services.