Standard Chartered introduces SC Ventures Fintech Bridge
SC Ventures Fintech Bridge connects and matches partners from the fintech ecosystem to Standard Chartered Bank’s internal community, where they can propose solutions to challenges posted by the Bank’s business units.
SC Ventures, a unit of Standard Chartered Bank, today announces the launch of a platform to connect community builders such as start-ups, investors and accelerators to the bank.
The new platform, called SC Ventures Fintech Bridge, connects and matches partners from the fintech ecosystem to the bank’s internal community, where they can propose solutions to challenges posted by the bank’s business units or request investments. Investors can also use the portal to recommend start-ups to the bank for future collaborations. As a result, start-ups can move from initial application to final selection within just three months.
SC Ventures Fintech Bridge aims to provide start-ups with direct connection to the right people. The new platform also commits to secure a quick process to matchmake start-ups with the bank. Another commitment is that funding is guaranteed for proof of concepts (PoCs). Finally, start-ups have the opportunity to test in different markets across the Bank’s connected network, and the possibility of securing further partnership investment.
Alex Manson, Head of SC Ventures, said: “We understand how frustrating it can be for fintech start-ups to find the right people to take their solution forward. We also recognise that the best ideas can come from everywhere, not just inside, but also outside the bank and we need them to transform the bank. SC Ventures Fintech Bridge plays into our desire to continuously look for new opportunities to collaborate and partner with outstanding and creative talent across our footprint to solve our challenges.”
Marion Bernardi, who leads fintech engagement at SC Ventures, said: “Our partnership with start-ups is not only about running PoCs, but also helping them to achieve scale. The fintechs who have worked with us appreciate how we have helped them navigate through a big corporation like Standard Chartered. SC Ventures Fintech Bridge gives us the capacity to broaden our connections to the global fintech ecosystem to seek out the best partners.”
SC Ventures Fintech Bridge is targeted at fintech entities that would like to work with Standard Chartered Bank and gain new clients. It is a global platform supported by a connected network across Asia, Africa, Middle East, and Europe through the Bank’s footprint. Through this single portal, Standard Chartered is ready to share its challenges, and offer direct connections at a global scale for collaborations and future partnerships.
Standard Chartered has been keen to engage in fintech projects. In November 2018, for instance, the bank announced a partnership with San Francisco-based startup Instabase. The aim of the collaboration is to automate and optimise client onboarding, credit documentation, and Know Your Client (KYC) processes.
The new solution uses Instabase’s technologies like program synthesis, natural language processing (NLP), optical character recognition (OCR) and machine learning (ML) capabilities. It identifies and extracts data from multiple sources and various unstructured forms, and turns them into meaningful and structured data points that can be used in the bank’s data processing systems.