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StanChart forms fintech business unit

StanChart forms fintech business unit

Standard Chartered Bank has established a new business unit called SC Ventures to bring together its multiple fintech initiatives and further invest in technology.

The unit will be led by Alex Manson, global head of transaction banking, based in Singapore.

‘The unit will work across all businesses, including the private bank, and supports our efforts to drive digital innovation across the bank, from problem-solving, to investing in fintechs to sponsoring new disruptive technologies,’ a StanChart spokesperson told Citywire Asia.

The new business will include an investment unit to manage the group’s minority investments into fintech companies and technologies, such as distributed ledger technology.

In 2016, the bank invested in distributed ledger company Ripple after completing a proof of concept for its trade finance invoicing services.

It has also invested in Paxata, an enterprise information management company, for digitalising data management for employees in the finance, compliance, and risk management departments.

The unit will also sponsor and supervise new disruptive technology ventures that are wholly or partially owned by StanChart.

Experts from the bank’s innovation lab in Singapore, eXellerator, will advise the unit on innovation best practices and client-centric design.

The innovation lab was launched in early 2016 to explore the use of emerging technologies and data science for the bank’s business units.

The platform works on employee-driven innovation and proofs of concepts in collaboration with fintech companies, in areas such as distributed ledger technology, data analytics and mobile platforms.

In 2015, group CEO Bill Winters said the bank will invest about $3 billion into technology infrastructure and the upgrade of its regulatory and conduct systems, over three years.

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