Standard Chartered’s innovation division is collaborating with Starling Bank to develop a new digital platform aimed at empowering UK savers to invest in environmentally friendly and sustainable initiatives.
Set to launch next year, the Shoal platform will allow Standard Chartered customers to choose from various categories, including renewable energy, clean water, and community development. Customers will direct their funds toward projects aligned with their selected themes, receiving regular updates on their contributions and a competitive rate of return.
Shoal will leverage Starling Banking Services, the bank’s Banking-as-a-Service (BaaS) solution. By utilizing Starling’s technology and APIs, Standard Chartered can concentrate on customer acquisition and service delivery through a user-friendly application.
Anne Boden, CEO of Starling, remarked, “Starling will manage the technical and regulatory challenges internally, allowing Shoal to prioritize customer relations.”
In addition, Shoal will eventually be introduced to the Starling Marketplace, broadening its access to Starling’s customer base.
Bill Winters, Group Chief Executive of Standard Chartered, highlighted the significance of this partnership, stating, “While we looked to the COP26 conference for government action on climate change, our collaboration with Starling Bank exemplifies how the private sector can take impactful steps to enhance climate investment. With Shoal, we aim to create a platform that mobilizes essential retail capital for sustainable projects in regions where it can make the most difference, enabling savers to generate positive returns while contributing to beneficial initiatives.”