Standard Chartered Bank has officially opened its Greater Bay Area (GBA) Centre, marking the completion of the US$40 million development.

Located at the heart of Guangdong-Hong Kong-Macao GBA in Guangzhou city, the GBA Centre supports the dynamic opportunities in the new economy sectors in the region, serving the cross-border needs of clients across consumer, private, business, corporate, commercial, and institutional banking, the bank says.

Serving as a key business, operations, and technology hub, it comprises the banking centre and its support network to provide a full range of banking solutions for clients in the region.

The centre also houses the bank’s first aXess labs in mainland China to conduct research and aims to provide cutting-edge fintech innovation and market disruptive products to enhance the bank’s digital banking services through external partnerships.

More than 700 employees are now based in the GBA Centre, and the number is expected to exceed 1,600 by 2023.

Benjamin Hung, chief executive officer, Asia, comments: “GBA is a strategic focus for Standard Chartered, and our GBA business will play an integral role in contributing to the bank’s aspirations in Asia. This year, we are accelerating our focus in seizing China opportunity, with the ambition to double its profit contribution to the group by 2024. We have committed a US$300 million investment over the next three years into our China-related businesses and capabilities, including GBA.”

“GBA acts as an important gateway connecting China to the world. The links between GBA and the member countries under the Regional Comprehensive Economic Partnership will enhance intra-Asia connectivity and bolster a rapidly rising China-Asean corridor,” he adds.