SC Ventures, the innovation arm of Standard Chartered Bank, is launching a new digital platform powered by Starling Banking Services and designed to help UK savers fund the fight against climate change.
Launching in 2022, Shoal will invest exclusively in green and sustainable projects. It will initially be available as an app before expanding to the Starling Marketplace in the future.
Savers who use Shoal will have the ability to select the types of projects their money supports, intrinsically linking the act of saving with supporting specific climate protection causes.
The digital platform will initially provide a savings account and offer investment options such as renewable energy, clean water, and community development.
A theme or combination of themes will see savings invested in aligned projects, with savers given regular updates on progress as well as a competitive rate of return.
Standard Chartered describes Shoal signifies as a major development in the UK banking sector and praises Starling Bank’s banking-as-a-service offering for making it possible.
Through the partnership, Standard Chartered can focus on customer acquisition and service and delivering a front-end app, while Starling ‘powers’ the overall solution.
Starling’s involvement also means that Shoal will be added to the Starling Marketplace, enabling existing customers of the digital bank to benefit from this new digital sustainable offering.
Standard Chartered also intends to expand Shoal into Europe.
Bill Winters, group chief executive at Standard Chartered, says Shoal “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”.