Standard Chartered announced on Monday 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.
According to Standard Chartered, 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 for investments.
“Investors can also use the portal to recommend start-ups to the Bank for future collaborations. This simple and fast process means that start-ups can move from initial application to final selection within just three months.”
SC Ventures Fintech Bridge has made four commitments:
- Direct connection to the right people: Standard Chartered facilitates the start-up journey by helping them get to scale
- No time wasted: A quick process to matchmake start-ups with the bank
- Funding guaranteed for proof of concepts (PoCs): All challenges on the platform are funded by a business sponsor for testing the solution
- Exposure to our markets: Start-ups have the opportunity to test in different markets across the Bank’s connected network, and the possibility of securing further partnership investment
While sharing more details about the new platform, Alex Manson, Head of SC Ventures, stated:
“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, 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.”