Standard Chartered Creates VC Unit To Push Digital Innovation

Tom Burroughes

19 January 2018

has created a new business unit, SC Ventures, to encourage digital innovation across the UK-listed bank, invest in fintechs and other start-up companies and test and put new business models to work.

C Ventures will be led by Alex Manson, most recently global head of transaction banking. He will report to Michael Gorriz, group chief information officer, effective 1 March and be based in Singapore.

The group will work in three areas:

-- Catalysts - Internal consultants will help the rest of the group to solve problems and spread innovation ideas. The eXellerator innovation lab will be part of this group;

-- Investments - A professional investment unit to manage the group’s minority investments in fintech companies and to seek further investments. Standard Chartered has previously invested in Ripple, a distributed ledger company to co-develop commercially viable applications for global trade and payments and Paxata, a leading enterprise information management company; and

-- Ventures - The benture unit will sponsor and oversee new disruptive technology ventures that are wholly or partially owned by Standard Chartered.

The development comes at a time banks are, either on their own or in partnership, investing in new technology areas such as artificial intelligence, distributed ledgers, data analytics, cyber-security systems and mobile platforms.