Standard Chartered creates fintech investment unit

LONDON (Reuters) - Standard Chartered said on Wednesday it had established a business unit to invest in financial technology and promote innovation.

Dubbed SC Ventures, it will include internal consultants to help the rest of the group solve problems with technology and a team to sponsor and oversee new disruptive technology ventures owned by StanChart.

Another part of the new unit will focus on managing the bank’s minority investments in ‘fintech’ and seeking new ones to back.

“As new technology continues to play an ever more important role in banking, there is a huge opportunity for us to promote more innovation,” said Michael Gorriz, group chief information officer.

StanChart already backs Ripple, a payments company built on distributed ledger technology, and data firm Paxata.

The unit will be managed by Alex Manson, previously global head of transaction banking at StanChart.