Standard Chartered announced that its venture unit, SC Ventures, has created a market-first platform, called SC Ventures Fintech Bridge, to connect community builders such as start-ups, investors and accelerators to the bank.
Through the platform, parties can propose solutions to the challenges posted by the bank's business units and request for investments. Funding is also guaranteed for proof of concepts (PoCs) by a business sponsor that aims to test the solution. Investors can also use the portal to recommend startups for future collaboration.
This is said to expedite the initial application to final selection process. According to the bank, the process will now be completed in as early as three months.
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"
"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," Alex Manson, head of SC Ventures said in a statement.
Marion Bernardi, who leads fintech engagement at SC Ventures, added: "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."