Standard Chartered new fintech brand Shoal presents green digital banking platform and is powered by Starling bank’s digital platform.
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In 2022, when the company is going to launch, Shoal will invest exclusively in green and sustainable projects.
This is supposed to change the market and give the power to the customers to select the types of projects their cash will fund.
Using Starling’s banking licence every account will be protected by the Financial Services Compensation Scheme.
This way Shoal can remain focused on customer acquisition and service.
The plan is to deliver a front-end app with a superior user experience, while Starling ‘powers’ the overall solution.
“While we looked to the COP26 conference to accelerate government action, our partnership with Starling Bank is an example of the private sector taking decisive steps to scale climate investment.”
“With Shoal, we’re excited to build a platform that will unlock much-needed retail capital to fund sustainable projects in parts of the world where the impact will be greatest and give savers the power to make good money, whilst making money do good.”
Anne Boden, CEO and founder of Starling Bank, says it will help Standard Chartered customers “live ever more sustainably”.
“Starling will handle the technical and regulatory demands behind the scenes, leaving Shoal to take care of their customers.”