Sponsor and oversee formation of new business ventures. Focused on disruptive business models to create optionality.
Testing new business models includes incubating, setting up and spinning off businesses that are independent and distinct from Standard Chartered. We offer a platform to regions or businesses to test disruptive business models and grow them into ventures leveraging on different governance model.
The first venture involves the application for a virtual banking licence in Hong Kong. The virtual bank launched with this licence would have its own brand and be run separately to Standard Chartered with a team independent of the rest of the retail banking operations.
Two other ventures are at seed funding stage: one to build a platform for the provision of financial and other business services to SMEs, a segment often underserved by our industry yet critical to economic growth and progress in our markets; the other is to “plug” our bank into e-commerce platforms to provide financial services to their customers. Here again, stay tuned!
We have an increasing pipeline of potential new Ventures – 6 ideas currently incubated in partnership with business and functions and another few being evaluated.