Standard Chartered Picks JPMorgan Vet Naveen Mallela to Run Payments Unit

Standard Chartered named JPMorgan Chase’s former blockchain unit leader to oversee its payments business.

Naveen Mallela will become the bank’s global head of payments starting May 4, according to a Wednesday (March 4) press release. He will be based in Singapore.

“In his role, Naveen will lead the bank’s integrated payments organization, bringing together collections, clearing and payments teams into a single organization reflecting the rising client demand for end-to-end solutions,” the release said. “The global payments team will design and deliver solutions across the entire payments lifecycle across traditional and emerging tokenized and on-chain payment flows.”

Standard Chartered has been working on modernizing its cash management operation by investing in technology, reworking its processes and launching partnerships to address clients’ cross-border payment needs, according to the release.

“As client needs evolve and payments increasingly integrate traditional and on-chain settlement models, Naveen’s experience in leading payments innovation will be pivotal as we scale our next phase of growth by combining clearing and digital assets capabilities in a client-centric way,” Roberto Hoornweg, chief executive for corporate and investment banking at Standard Chartered, said in the release.

Mallela was global co-head of Kinexys, JPMorgan’s permissioned blockchain business unit. A 25-year veteran of the banking and payments space, he brings “deep expertise in modernizing payment infrastructures and scaling next-generation solutions,” the release said.

In 2023, Mallela discussed with PYMNTS the potential for blockchain technology to improve cross-border payments by moving from a system where banks operate independent ledgers, creating inconsistent data formats that make the process harder to streamline.

“Shared ledger infrastructure can take the construct and turn it on its head by bringing banks together on a single unit, which means your debits and credits are all happening instantaneously with certainty and optimal liquidity,” Mallela said, adding that blockchain’s distributed nature bolsters transparency, trust and security in cross-border payments.

His appointment at Standard Chartered comes as blockchain technology is becoming more integrated into the banking world. Instead of replacing traditional financial infrastructure, blockchain is becoming part of it.

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