Standard Chartered unveils new FinTech initiative
Written by Chris Lemmon
Standard Chartered has launched SC Ventures – a digital innovation programme that will invest in FinTechs and other startup firms to promote the testing and implementation of new business models.
An investment unit will be established to manage the international banking group’s minority investments in FinTech companies and seek further investments in promising technologies. Previous investments made by the British-headquartered company include those in distributed ledger technology specialists Ripple and enterprise information management firm Paxata.
There will also be a venture unit, which will sponsor and oversee new technology ventures that are wholly or partially owned by Standard Chartered. In addition, there will be internal consultants to help the rest of the group in problem-solving and learning innovation best practices, with the bank’s innovation lab playing a key role in this.
SC Ventures will be led by global head of transaction banking Alex Manson, who said: “In a world otherwise full of technical solutions looking for problems, at Standard Chartered we start with human beings. I feel privileged to have the opportunity to facilitate and catalyse a culture of innovation, working with our clients and colleagues to invent the banking of tomorrow.”
Michael Gorriz, group chief information officer at Standard Chartered, added: “As new technology continues to play an ever more important role in banking, there is a huge opportunity for us to promote more innovation, and at the same time develop and deliver digital solutions that work for our clients and for us.”