Latest News on Standard Chartered
UAE: NBD Partners with Standard Chartered to Launch Flagship Cryptocurrency Trading App, Empowering Investors to Tap into Global Bitcoin Market
On March 6, 2025, Dubai NBD Bank launched a new cryptocurrency trading app in partnership with Standard Chartered, marking a significant entry of traditional banking into the crypto market. The app supports trading in major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), with trading pairs available against USD and AED. Within the first hour of its launch, the app saw over 10,000 downloads, indicating strong initial interest.
The launch led to a surge in cryptocurrency prices, with BTC/USD rising 3% to $65,000 and ETH/USD increasing 2.5% to $3,800. Trading volumes on major exchanges also increased, with Binance reporting a 20% rise in BTC/USD trading volume and local exchanges seeing a 15% increase in trading volume for BTC/AED and ETH/AED pairs. This marks a significant impact on the cryptocurrency market, particularly in the Middle East region.
The app’s support for multiple trading pairs, including BTC/AED and ETH/AED, has led to increased interest from new investors, with on-chain metrics showing a 5% increase in new address creation within the first two hours of the announcement. Technical indicators, such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), also indicate a bullish trend for both BTC and ETH.
The launch of Dubai NBD’s trading app has also led to an increase in trading volumes for other altcoins like XRP and BNB, indicating a broader market impact. In the context of AI developments, the launch could potentially influence AI-related tokens, such as SingularityNET (AGIX) and Fetch.ai (FET), which saw a 4% increase in price. The correlation between AI tokens and major cryptocurrencies like BTC and ETH remains strong, suggesting that positive developments in the broader crypto market can have a direct impact on AI token prices. Overall, the launch of Dubai NBD’s trading app marks a significant milestone in the crypto market, with potential long-term implications for traditional banking and the broader crypto ecosystem.
A total of 24 Hong Kong lenders, including HSBC and Standard Chartered, have partnered to secure funding from a yuan trade facility.
The Hong Kong Monetary Authority (HKMA) has introduced a new quota system for trade financing in the city, aimed at promoting the use of the Chinese yuan (RMB) in trade settlements. Under the system, each bank has been allocated a specific quota based on the scale of their business, with the quota intended to reflect the bank’s ability to provide yuan-denominated trade financing to their corporate clients.
Banks have been encouraged to use the quota to provide trade financing to their clients, with the HKMA planning to consider allocating further quota to banks that have demonstrated their ability to manage the settlement of RMB transactions. The authority also stated that it would provide support to banks not yet ready to join the quota system, by providing guidance and training to help them develop their yuan trade finance business.
The move is seen as a positive step towards promoting the use of the RMB in international trade, with HSBC, Hong Kong’s largest commercial bank, already reporting success in arranging trade-finance transactions for corporate clients using the RMB. The bank’s CEO, Luanne Lim, believes that this new facility will help to unlock new growth opportunities for businesses, and that the bank is committed to delivering competitive trade financing solutions tailored to its clients’ evolving needs. The HKMA’s quota system is seen as a key step in increasing the use of the RMB in international trade, and is expected to benefit both banks and corporate clients in Hong Kong.
Standard Chartered’s Guide to Effective Internal Mobility: Strategies for Filling Open Positions with Existing Talent
Urvi Jobalia, Global Head of Talent Deployment & Strategic TA-Tech and Ops at Standard Chartered Bank, spoke at HRO’s Talent Mobility 2025 conference, where she shared her insights on internal talent deployment. According to her, internal talent deployment is a win-win strategy for both organizations and employees, allowing for higher productivity and reduced costs, while also driving employee engagement and employability. She noted that the market is struggling with several challenges, including finding talent externally, fear of being obsolete, aligning talent supply and demand, and the need for faster upskilling.
Urvi emphasized the importance of reversing the traditional approach of developing people first and then deploying them, instead suggesting that organizations should deploy individuals first and then develop their skills on the job. She shared three key strategies for driving internal deployment: employee opportunities, leadership mindset and culture, and structural changes. These include providing access to exclusive projects and roles, reviewing critical roles and allowing equal opportunity for others, and applying a “deploy to develop” philosophy.
Urvi also highlighted the importance of having a leadership mindset that promotes talent export and import, as well as creating a culture that enables career paths. She noted that technology can play a crucial role in democratizing the visibility of opportunities to people, and that gigs and projects can help individuals progress towards their next big career move. Closing her speech, Urvi shared her five-letter mantra for internal deployment: O-P-Q-R-S, covering obsession with a personalized journey, program approach, quality, robust gigs and projects, and skills mindset. Overall, her talk emphasized the potential of internal talent deployment in driving business outcomes and employee satisfaction.
Recent Updates
Business productivity lags in February, according to Standard Chartered’s reports.
The Small and Medium Enterprise Confidence Index (SMEI) declined by 0.5 points to 50.4 in February, showing a decrease in current performance sub-index and a slight improvement in expectations sub-index. The performance sub-index fell to 48.5, entering contractionary territory, likely due to holiday distortions, while the expectations sub-index rose, indicating a temporary setback. Manufacturing SMEs reported a decline in sales, production, new orders, and profitability, possibly due to Lunar New Year holiday disruptions and additional tariffs. Tourism-related services, such as transportation, retail, and accommodation, and catering, returned to normal following a sharp increase in January, while real estate performance recovered. Construction activity remained subdued. The credit sub-indices moderated to 51.8 in February, with fuelled by lower financing costs for SMEs. Exchange rate expectations stabilized in February, having spiked in prior months. Overall, the index’s performance worsened, while expectations improved, suggesting a temporary downturn.
Refining our cash rate projections: Standard Chartered
The Reserve Bank of Australia (RBA) has delivered a hawkish 25bps cut to the cash rate to 4.10%, which is in line with market expectations. However, RBA Governor Philip Bullock’s subsequent press conference was slightly more hawkish, indicating that there may not be as much room for further rate cuts compared to other developed markets. The RBA emphasized that the 25bps cut was aimed at removing a cautionary rate hike in November 2023 rather than signaling the start of a full-fledged easing cycle, and that policy is still restrictive.
The RBA’s decision has led to a revision in the forecast for the end-2025 cash rate to 3.85%, up from 3.35% previously. The bank is expected to cut rates only once more in Q3-2025, rather than implementing back-to-back quarterly cuts. This is due to concerns about poor productivity growth and the potential for unit labor costs to remain well-supported.
The RBA may cut more than expected if trimmed mean CPI eases at a faster pace than anticipated or if the labor market weakens more substantially. With the pre-election budget due in late-March, the RBA may be monitoring the impact of any further cost-of-living assistance measures on the disinflation process. Overall, the RBA’s decision suggests a more sanguine view of the economy, with inflation concerns still top of mind.
IndusInd Holdings to raise ₹800 crore to fund Invesco MF acquisition bid
IndusInd International Holdings (IIHL), a Mauritius-based investment holding company promoted by the Hinduja Group, is in talks with Standard Chartered Bank and other credit funds to raise around ₹800 crore to acquire a 60% stake in Invesco Asset Management (India). The acquisition is being done through IIHL’s wholly-owned subsidiary, IIHL AMC Holdings. While the Competition Commission of India has already approved the deal, the fundraising process is contingent on regulatory approval from the Securities and Exchange Board of India (Sebi). The company is seeking to raise ₹600-800 crore and is targeting a borrowing rate of 11-12%. A spokesperson for Standard Chartered Bank declined to comment, while a Hinduja spokesperson did not respond to a request for comment.
The acquisition will bolster IIHL’s presence in the mutual fund sector, which it entered in April 2024 with this deal. The transaction is nearing completion, and Invesco Trustee and Invesco AMC, which oversee Invesco Mutual Fund, have already received Sebi approval. Invesco Asset Management (India) reported an average asset base of ₹1,28,676 crore for the quarter ending December 2024, including mutual funds, portfolio management services, and offshore advisory. The fundraising process is expected to be challenging, with the company needing to secure Sebi’s final approval before proceeding. The outcome of the talks is uncertain, but the deal has significant implications for the Indian mutual fund sector.
Standard Chartered secures RBI approval to appoint PD Singh as CEO for India operations
The Reserve Bank of India (RBI) has approved the appointment of Prabdev (PD) Singh, a corporate banking veteran and former CEO of JP Morgan India, as the new CEO of Standard Chartered (StanC) in India and South Asia. Singh will take over from current CEO Zarin Daruwala, who has completed her third three-year term and will retire at the end of March. This development comes after a series of interviews held in October, during which Singh was identified as the top choice among three candidates to succeed Daruwala.
Singh has more than 30 years of experience in corporate banking and has worked with prominent institutions such as JP Morgan and HSBC. He has played a key role in several significant deals, including foreign currency funding, credit facilities, and structured deals for Indian corporates and domestic banks.
StanC is undergoing a transformation, shifting its focus towards wealth management in India, capitalizing on the country’s growing affluence and higher income potential. To this end, the bank sold its personal loan portfolio to Kotak Mahindra Bank last October.
With Singh at the helm, the bank is poised to leverage his expertise to drive its growth strategy. His appointment is expected to be announced formally this week. The soft-spoken banker takes over from Daruwala, who has led StanC since 2016 and previously spent 26 years at ICICI Bank. StanC reported a net profit of $204 million in the first half of 2024, and its full-year 2024 results are set to be announced this Friday.
Standard Chartered Bank launches its second career development program for women, offering new opportunities for professional growth and advancement.
Standard Chartered Bank’s Global Business Services (GCB) has launched its second Career Programme for Women, aiming to promote gender diversity and inclusion in the global talent supply chain. The initiative is designed to attract, develop, and retain top female talent in the banking and finance industry.
The programme will focus on identifying, assessing, and developing high-potential women in roles across the organization, providing them with customized development plans and mentorship. The goal is to create a pool of leaders who can be considered for diverse roles within the bank, including country management positions.
The programme will have a structured approach, consisting of four modules:
- Assessment and Development: Participants will undergo a comprehensive evaluation to identify their strengths, weaknesses, and career aspirations. Based on the results, personalized development plans will be created, focusing on improving leadership skills, networking, and career management.
- Mentorship: Participants will be matched with experienced female leaders within the bank, who will provide guidance, support, and guidance throughout their development journey.
- Networking: Participants will have opportunities to network with other female professionals, thought leaders, and industry experts, fostering connections and creating a robust support network.
- Learning and Development: Participants will have access to training, coaching, and workshops focused on leadership, management, and career advancement.
The programme is a collaborative effort between GCB and its clients, who will play an active role in facilitating the development of these women leaders. This inclusive approach aims to promote a culture of diversity and inclusion, encouraging more women to join and advance in the financial services industry.
By launching this initiative, Standard Chartered Bank is taking a significant step towards creating a more diverse and inclusive organization, promoting gender equality, and challenging the traditional norms of leadership. The programme provides a platform for recognizing and developing female talent, ultimately leading to better representation and decision-making within the organization.