SME Finance Forum member Standard Chartered has established a new business unit, SC Ventures, to lead digital innovation across the Group, invest in fintechs and other start-up companies, promote rapid testing and implementation of new business models.
SC Ventures will be led by Alex Manson, most recently Global Head of Transaction Banking, and will work with businesses and functions across the Group in three key areas:
- Catalysts: Internal consultants will help the rest of the Group in problem-solving and spreading innovation best practices and client-centric design. 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 in promising technologies. The Bank has previously invested in Ripple, a leading distributed ledger company to co-develop commercially viable applications for global trade and payments and Paxata, a leading enterprise information management company.
- Ventures: The Venture unit will sponsor and oversee new disruptive technology ventures that are wholly or partially owned by Standard Chartered. It will seek projects that amplify the bank’s core strengths or where the bank can support a venture in a strategic way.
