By Cara Chow [CC BY-SA 2.5-2.0-1.0] via Wikimedia Commons
Standard Chartered is the newest bank to double down on fintech by establishing a dedicated unit that specialises in putting cash into innovation.
SC Ventures will concentrate on startup investments and hot house development of technology for the bank via an innovation lab.
Michael Gorriz, group chief information officer, stated: the “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.”
Exiting investments will be handed over o the venture arm. These include Ripple, the blockchain startup which is the associated cryptocurrency of which has soared in 2018.
Alex Manson, the global head of transaction banking of the bank is set to head up SC Ventures.
Other banks have previously jumped on the fintech trend through separate corporate venture arms. According to CB Insights, Santander Innoventures has been the most active during the past five years.