Standard Chartered sets up digital innovation, fintech investment unit

SINGAPORE: Standard Chartered PLC has established a new business arm named SC Ventures, to drive digital innovation, invest in fintech and start-up companies and promote rapid testing and implementation of new business models.
The new unit will focus on problem solving and spreading innovation best practices and client centric design, managing minority investments in FinTech companies and further investments in promising technologies and sponsor and oversee new disruptive technology ventures that are wholly or partially owned by Standard Chartered.
SC Ventures will be headed by by Alex Manson, who is the Global Head of Transaction Banking.
“Technology is at the heart of Standard Chartered’s strategy – driving efficiencies, increasing automation, introducing global platforms, reducing manual errors and strengthening how it combats financial crime,” the group said in a statement.
In 2015, it announced it was investing about US$3 billion (RM11.9 billion) over three years in technology and systems.