Standard Chartered has created a new business unit, SC Ventures, to promote new investments in promising fintech startups and lead digital innovation across its businesses.
The bank currently holds investments in fintech companies such as blockchain payments company Ripple and global trade and payments firm Paxata. The new unit will be led by former global head of transaction banking at Standard Chartered, Alex Manson.
The eXellerator innovation lab will be incorporated into the Group, as well as hold a number of internal consultants to improve digital innovation within Standard Chartered. A professional investment unit will manage the Group’s minority investments in fintech firms, with a new Venture unit overseeing “new disruptive technology ventures” that SC either wholly or partially owns.
Manson, now global head of SC Ventures, said: “In a world otherwise full of technical solutions looking for problems, at Standard Chartered we start with our clients.
“This is a great opportunity for us to facilitate and catalyse our culture of innovation, working with our clients and colleagues to invent the banking of tomorrow.”