Standard Chartered sets up digital innovation, fintech investment unit
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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.
Questions & Answers
Q.What is the primary purpose of SC Ventures, the new business arm established by Standard Chartered?
What is the primary purpose of SC Ventures, the new business arm established by Standard Chartered?
SC Ventures aims to drive digital innovation, invest in fintech and start-up companies, and promote rapid testing and implementation of new business models. It will also manage minority investments in fintech and oversee new disruptive technology ventures.
Q.Who has been appointed to lead SC Ventures, Standard Chartered's new digital innovation unit?
Who has been appointed to lead SC Ventures, Standard Chartered's new digital innovation unit?
SC Ventures will be headed by Alex Manson. He previously held the position of Global Head of Transaction Banking within Standard Chartered, bringing experience from a key area of the bank's operations to this new digital focus.
Q.How much has Standard Chartered committed to investing in technology and systems in recent years?
How much has Standard Chartered committed to investing in technology and systems in recent years?
Standard Chartered announced in 2015 that it was investing approximately US$3 billion (RM11.9 billion) over a three-year period. This significant commitment highlights the bank's focus on technological advancements across its operations.
Q.What is Standard Chartered's stated view on the role of technology in its overall strategy?
What is Standard Chartered's stated view on the role of technology in its overall strategy?
The group stated that technology is central to its strategy. It is seen as a driver for efficiency, automation, global platforms, error reduction, and strengthening efforts to combat financial crime within the organisation.
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