Standard Chartered to Launch Institutional Crypto Custody Solution

Standard Chartered’s venture and innovation arm has been working on a crypto custody offering for the institutional market and the first pilot could launch later this year.

Alex Manson, the head of SC Ventures, confirmed to CoinDesk Monday the firm is building what he claimed would become one of the most-secure crypto custody solutions on the market.

Details remain thin on the ground, but Manson said that as many as 20 institutions have expressed interest in the custodial solution. Although it will be based in the U.K., it will be open to clients from around the world. As well as assets such as bitcoin, SC Ventures is looking at also making the solution suitable for security tokens.

According to Manson, institutional adoption has been hindered by a lack of proper custodial offerings. Initially, SC Ventures had been looking at creating a market service, but realized it had to go a couple of steps back as many wouldn’t touch the digital asset space “with a flagpole” until they had ready access to an institutional-grade storage solution.

Custodial offerings currently on the market, Manson said, don’t have the proper security required for clients to store millions of dollars in digital assets. Many also lack function segregation, meaning the custody business isn’t separated from other ventures, he added.

By providing the fundamental market infrastructure, Manson said that SC Ventures saw an opportunity to kick-start the institutional adoption of cryptocurrencies.

“If digital assets more broadly are here to stay as an asset class, then you will need the infrastructure to keep them safe,” Manson said.

Based in Singapore, SC Ventures is the innovations platform for British bank Standard Chartered. Part of its role is to help create new businesses and revenue streams for the wider banking group. As well as the custody solution, the venture arm is working on bringing another nine (non-crypto-related) projects to market.

Just last week, SC Ventures participated in the oversubscribed Series A for market infrastructure provider, Metaco. At the time, Manson said in a statement that the investment would complement its own custodial initiative, which has not yet been publicly named. Talking to CoinDesk, he elaborated, saying Metaco would be one of the key technology providers.

Standard Chartered has long expressed an interest in crypto custodial solutions. Margaret Harwood-Jones, the bank’s global head of securities services, told trade publication Global Custodian that it was something the group was investigating in November 2018.

SC Ventures is still open to feedback from prospective clients about possible features, as well as the assets they would like to see supported.
Manson said the first pilot for the custodial solution could launch sometime later this year.


Standard Chartered and Universities Space Research Association join forces on Quantum Computing

Standard Chartered Bank and Universities Space Research Association (USRA) have signed a Collaborative Research Agreement to partner on quantum computing research and developing quantum computing applications.

In finance, the most promising use cases with real-world applications include quantum machine learning models (generating synthetic data and data anonymisation) and discriminative models (building strong classifiers and predictors) with multiple potential uses such as credit scoring and generating trading signals. As quantum computing technology matures, clients should benefit from higher quality services such as faster execution, better risk management and the development of new financial products.

Kahina Van Dyke, Global Head of Digital Channels and Client Data Analytics at Standard Chartered, said: “Similar to other major technological advancements, quantum computing is set to bring widespread benefits as well as disrupt many existing business processes. This is why it’s important for companies to future-proof themselves by adopting this new technology from an early stage. The partnership with USRA gives us access to world-class academic researchers and provides us with a unique opportunity to explore a wide range of models and algorithms with the potential to establish quantum advantage for the real-world use cases.”

Bernie Seery, Senior VP of Technology at USRA noted that “This partnership with the private sector enables a diversity of research through a competitively selected portfolio of quantum computing research projects involving academic institutions and non-profits, growing an ecosystem for quantum artificial intelligence that has already involved over 150 researchers from more than 40 organizations that produced over 50 peer-reviewed publications over the last seven years.”

Alex Manson, Global Head of SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, stated:

“The world is currently in the process of identifying commercial use cases where quantum computer capabilities will surpass classical computers. We have a conviction that some of these use cases will transform the way we manage risks in financial services, for example by simulating portfolios and exponentially speeding up the generation of market data. We will work with USRA to identify such use cases in financial services, with a view to implementing them within our bank, as well as potentially offering this service to other market participants over time.”

Mark Johnson, Vice President, Processor Design, Development and Quantum Products at D-Wave said: “Quantum computing research and development are poised to have a profound impact on the industries responsible for solving today’s most complex problems. That’s why researchers and businesses alike are looking to quantum computing today to start demonstrating tangible value. We’re proud to work with USRA and Standard Chartered Bank as they improve global access to quantum systems and undertake essential research and development.”

At USRA’s Research Institute for Advanced Computer Science, Dr. Davide Venturelli, Associate Director for Quantum Computing, notes that quantum annealing is implementing a powerful approach to computing, featuring unique advantages with respect to other traditional and novel approaches, that should be studied, theoretically and experimentally, to advance the state of art of computing technologies for the benefit of nearly all disciplines.

Standard Chartered’s team, led by Dr. Alexei Kondratyev, Global Head of Data Science and Innovation, and USRA have collaborated in quantum computing research since 2017. An earlier success in investigating the quantum annealing approach to computational problems in portfolio optimisation use cases led to this strategic partnership, where USRA will continue to support fundamental academic research in quantum physics and artificial intelligence and Standard Chartered will focus on future commercial applications.

In 2012, USRA partnered with NASA to found the Quantum Artificial Intelligence Laboratory (QuAIL): the space agency’s hub to evaluate the near-term impact of quantum technologies. With QuAIL, the USRA team has investigated the physics, the engineering and the performance of multiple generations of quantum annealing processors built by D-Wave Systems. It has also participated in U.S. government research programs that looked into application of quantum annealing for combinatorial optimization, aviation, earth science and machine learning. NASA Ames Research Center is currently hosting a D-Wave 2000Q annealing system, thanks to the support of this partnership.

Standard Chartered and USRA intend to develop this initial collaboration beyond quantum annealing to all unconventional computing systems that could provide an advantage to applications of interest, such as gate-model noisy-intermediate scale quantum (NISQ) processors and Coherent Ising machines.

Source: PR Newsire

Metaco partnership

We are pleased to partner and invest in METACO, as a leading provider of security-critical digital asset infrastructure

The last 12 months have been a riveting time at METACO. Our company has reached major milestones – forming new exciting partnerships and continued growth in providing infrastructure for financial institutions to securely manage digital assets.

The last 12 months have been a riveting time at METACO. Our company has reached major milestones – forming new exciting partnerships and continued growth in providing infrastructure for financial institutions to securely manage digital assets.

Today, we enter the next pivotal period in our global expansion. We have successfully raised $17 million in our Series A funding round this July. In a turbulent economic climate, we are proud to have an oversubscribed round, with double the demand of our initial target. This round represents continued support from existing investors combined with significant interest from new strategic partners in security technology, central bank infrastructure, Swiss and global banks, and venture firms focused on financial technology.

Metaco partnership

Giesecke+Devrient, the German-based security technology company and one of the main central bank infrastructure partners, led the round. Standard Chartered Bank, Zürcher Kantonalbank, and venture capital firm Investiere joined the round, which also saw all existing strategic shareholders, Swisscom, SICPA, Avaloq Ventures, and Swiss Post increase their commitments.

Our ability to expand notable Swiss strategic partnerships to new global partnerships in this round, is a significant endorsement of our growth internationally, as well as a demonstration of rising institutional interest in digital assets.

Our ability to expand notable Swiss strategic partnerships to new global partnerships in this round, is a significant endorsement of our growth internationally, as well as a demonstration of rising institutional interest in digital assets.

Launched in 2018, our institutional operating system for digital assets, SILO, enables large financial institutions to securely integrate cryptocurrencies, tokens, and distributed ledger use cases into their core infrastructure. Its unique framework for digital asset custody, transaction management, trading, and tokenization has made it the leading choice for banks and exchanges. METACO has significant Tier 1 and Tier 2 bank implementations including FINMA, BaFin, Banco de España, ECB, and MAS regulated banks and exchanges.

Commenting on the raise, Adrien Treccani, CEO and Founder of METACO, said,

“I am really proud of our team and this funding round will push us to new heights. METACO not only secured an impressive round of funding, but also has a number of significant partnerships and integrations coming down the pipeline. I look forward to working with our new shareholders and encourage companies to get in touch to explore possible synergies.”

The Series A funding will fuel the next phase in our growth in sales, product, and partnerships. We will be broadening our presence in the US, South East Asia, and Western Europe. Research and development are at the core of our business strategy, so we will increase investment in R&D to cement our position as the leader in digital asset infrastructure. We will also be expanding our product and addressable market with the launch of a fully managed, secure, and cloud-based offering, SILO, that will open up the solution to the entire institutional market.

Assaf Shamia, Investment Director at Giesecke+Devrient, said,

“The tokenization narrative is gaining momentum among regulators and central banks, encompassing a broad spectrum of promising innovations ranging from digital currencies to national identities. Yet tokenized assets require a trusted, secure, and scalable solution to handle the safeguarding of private keys. Following extensive market research, we identified METACO as the dominant player in its field. This large funding round, completed during a period of notable market uncertainty, is a significant milestone for METACO and will allow the company to accelerate its global growth and anchor its position as a category leader in the crypto-custody market.”

Alex Manson, Global Head of SC Ventures, the innovation, fintech investment and venture arm of Standard Chartered, added,

“We believe that digital assets are here to stay as an asset class. However, the infrastructure is still very nascent. We are developing a venture to meet the demands of institutional investors for an end-to-end institutional grade custodian of digital assets, which meets regulatory standards. We are pleased to partner and invest in METACO, as a leading provider of security-critical digital asset infrastructure, which will provide both ease of use and uncompromising security.”

This round represents the next important step in realizing our vision, ensuring that we continue to make progress in our mission to transform the financial services industry.

Source: PR Newswire

Standard Chartered Inaugural Tech Executive Briefing

SC Ventures Americas facilitated the inaugural Tech Executive Briefing with Michael Gorriz, Group Chief Information Officer at Standard Chartered Bank, centred on “Enterprise Machine Learning” on May 21st

Nearly 100 members across the T&I Leadership team, CCIB, and other areas of the Bank participated in the interactive presentations led by leaders in the space. Panellists included Jade Lai of the Silicon Valley VC firm Andreessen Horowitz, CEO and Co-Founder Michael Del Blaso of Tecton.ai, and Dr. Jordan Brandt , CEO and Co-Founder of Inpher.io.


StanChart’s ‘banking as a service’ enables ecosystem players to offer financial services seamlessly

Standard Chartered has unveiled its new banking as a service venture ‘nexus,’ which offers partnership opportunities and allows ecosystem players to enter financial services without having to set up a bank.

  • The banking as a service model opens opportunities for new entrants to provide financial services without having to build it from scratch
  • Standard Chartered’s first partner for nexus is a major e-commerce platform in Indonesia
  • This is the first venture by the bank’s innovation unit SC Ventures that runs innovation labs, fintech investment fund and experiments with new business models

New entrants such as payments, e-commerce, ride hailing and social media companies increasingly seek to expand their offerings in financial services but face several challenges. The banking as a service (BaaS) model empowers such players and integrates banking seamlessly through a white-labelled solution. This business model is what Standard Chartered uses in its recently launched venture called nexus, which brings transformational partnerships between consumer platforms and digital banking.

“Applying for licences, committing capital, building an end-to-end technology solution and bearing the operational costs of running a financial service can be heavy and extremely painful to set up. We offer the ability to move into that space by plugging into our stack, leveraging our balance sheet and liability without having to build it from scratch. This will be far quicker and more efficient to scale,” said Kelvin Tan, venture lead at nexus.

Tan explained that nexus enables ecosystem players to offer financial services, allowing them to design and support their own value proposition while relying on the bank’s balance sheet and licence.

Incubated at its innovation unit

nexus was incubated under the umbrella of SC Ventures, the unit that drives the bank’s innovations and fintech investments.

Sharing the details, SC Ventures head Alex Manson explained, “Firstly, we have innovation labs called eXellerator, which is in the bank, for the bank and by the bank. Here, we run the fintech programs, new proofs of concept and it also has SC Ventures Fintech Bridge, a matching engine between fintech and use cases.

Secondly, we have a $100 million fund set up to invest in relatively early stage companies. We invest only in partners we work with and we help them scale.

Thirdly, we build ventures wherein the idea is to experiment with different business models, aggregating different capabilities and ways of conducting banking. These are startup companies built from the ground up, and then bring in the investment partners to help them scale.

nexus is a venture – in fact, our first venture.”

Among other new business models by the bank include a joint venture with Assembly Payments to develop and deliver next-generation payment solutions. In Hong Kong, it is set to launch a standalone digital retail bank, Mox, and the bank has also built a digital open platform, Solv, to help SMEs in India.

How nexus came about

The solution originated with the thought process of understanding how the bank could gain exponential scale and drive the newer order of banking, in which banking gets integrated into the day-to-day lives of consumers and businesses.

“We considered two options: doing this through application programming interface (API) or reinventing the entire technology stack and middleware and ensuring that change management is as seamless as front-end partners like e-commerce or social media players need it to be. This firmed our view of building up nexus as a business model for the bank in terms of gaining exponential scale and also as a technology solution to other banks. We focused on how one can grow banking and balance sheet exponentially without growing proportionate costs accordingly,” Tan expanded.

Manson explained that while building the framework, the bank looked at different possible scenarios.

The first scenario is where banks become the digitised or digital banks themselves, such as those digital banks in Hong Kong or neobanks in the United Kingdom. In the second scenario, banks become platforms with an ecosystem – they have open architecture and could plug in the capabilities but not exclusively, as other people plug in as well. In the third scenario, rather than becoming platforms, banks become an engine for the platform, i.e. they plug into the ecosystem platform.

“We felt this could be a good outcome for banks to leverage the scale of consumer platforms and ecosystems and provide banking services at scale. nexus is this scenario number three,” Manson elaborated.

The venture is set up as a separate legal entity. While it works within the risk appetite of the bank, it also has separate governance, policies and processes. It comprises about 100 people based in three key markets in Asia: Singapore, India and Indonesia.

Future roadmap

Standard Chartered has already acquired its first partner for nexus, a major e-commerce platform in Indonesia. Being a hotbed for e-commerce with one of highest adoption rates in the world, launching nexus in Indonesia will give Standard Chartered the opportunity to reach a significant unbanked population through partners. While the bank refused to share the name of the partner, it expects to co-create and launch products powered by nexus in 2021, subject to regulatory approvals.

The bank is starting nexus with the minimum viable product of retail and CASA products, with plans to add SME and corporate products later on. Future plans include rolling out the service to other promising markets in Asia, Africa and the Middle East.

It will bring a new revenue stream for Standard Chartered, but the bank plans to take a flexible strategic approach in forming partnerships depending on each partner’s needs.

“We are looking at a revenue share model, but we are flexible with regards to how we structure the deal. So, we are open to risk and asset sharing as well. The model will be customised for each partner depending on what they bring to the table. There is no one size that fits all,” explained Manson.

‘Banking as a service’ solutions in the industry

Standard Chartered is among the few early players that have entered in this space in Asia Pacific. In a slightly different approach, Ping An Group’s One Connect offers ‘technology as a service’ to other financial institutions in Asia. Some other players exploring the BaaS model in Europe include solarisBank, Starling Bank and Fidor Bank.

Among the early innovators is Fidor Bank, which provides white-labelled cloud solutions powered by open APIs. They cater mainly to challenger banks and consumer organisations that want to tap the market quickly without regulatory compliance hassles. This provides the organisations with a full set of banking products to be deployed.

In a similar model, German bank and technology company solarisBank offers a completely digital BaaS platform connecting other businesses through APIs to offer financial services.

UK-based mobile-only challenger bank Starling enables banks, fintechs and retailers to develop and scale new, customised products quickly by picking and choosing individual features or components from Starling while taking advantage of its banking licence.

In these end-to-end and shared infrastructure models, customer ownership remains with the ecosystem partners while the bank becomes the provider of banking capabilities at the back end. This provides a win-win relationship for both the partners. It drives new revenue streams for the bank as well as allows them to leverage their banking capabilities with the scale of ecosystem partners who tend to be inherently better and more agile at customer experience. On the other hand, it provides faster products, quicker time to market to ecosystem players and allows them to circumvent regulatory compliance challenges.

Through this venture, Standard Chartered can empower platforms to bring financial services at the fingertips of millions of users. Yet, it is still at an early stage, as the first partner will go live only next year. As the BaaS model gains popularity and matures, there is likely to be greater adoption as well as competition. For long-term success, nexus will need to carve a niche path for itself, stay ahead of the curve and expand its market reach with speed through new partnerships.

Source: The Asian Banker

WFH Chronicles: SC Ventures' Alex Manson

Singapore's «circuit breaker» – a curb of all non-essential businesses and activities, and heightened social distancing – has dramatically changed the daily routine for professionals in the financial services sector, many of whom are now working from home (WFH).

This series takes a look at how they are coping during the city’s lockdown. Singapore’s fight against the Covid-19 pandemic stepped into high gear about two weeks ago, with a partial lockdown and mandatory wearing of masks in public, to curb the spread of the disease. Yet, infection numbers have continued to reach new highs, with 1,426 cases reported on Monday, making it the Southeast Asian country with the highest number of infections. Currently, workplaces have been forced to shut until May 4 in the earliest scenario, and nonessential businesses have had to either cease operations or do what they can to function virtually.

Alex working from home

As work-from-home rules are implemented on a wide-scale, the implications of this period are going to be profound, with organizations forced into new ways of working, new tools, and different ways of interacting together, Alex Manson, global head, SC Ventures at Standard Chartered, tells finews.asia in an interview. The business unit within Standard Chartered enables innovation, invests in disruptive financial technology and explores alternative business models. Set up in 2018, it has been a key driver in promoting a culture of innovation within the bank, as well as developing and delivering digital solutions for both the bank and its clients. Alex Manson, Singapore has been at the forefront of Covid-19 prevention.

Is the current lockdown a setback of its containment efforts so far?

I don’t see it this way, Singapore did a stellar job of managing the «early outbreak» but could not prevent re-importing the virus as the pandemic became global and other nations were slow to react and manage the situation, while people continued to travel freely with little awareness or precautions.

I find the answer in Singapore has been balanced through the crisis, meaning avoiding extreme pendulum swings and taking measures as a function of the information available at any point in time. This includes the fact that information evolves rapidly in a crisis, and I have in fact seen an element of refreshing humility in leadership with the ability to change your mind once you have new facts.

What are the biggest obstacles you are facing in your work these days?

Some aspects of our work continue almost undisrupted, working from home and using various digital tools, which we were advocating in the first place. Other aspects are really difficult: for example how do 12 people build a prototype around a table and a whiteboard? Well, there are tools for that too but yes it is just a lot more cumbersome.

Personally, I like to walk around, grab somebody for a chat – include another, improvise a quick meeting to solve a problem: that’s a lot harder too. And the most difficult part is to keep a good sense for how everybody is coping, how individuals feel in the current context – I can see anxiety building around the world, our teams are probably no exception and there will be an even more acute need to focus on people’s overall wellness in this environment.

How are you communicate with your clients now?

Remotely! That part is actually almost easy and I expect that in the future people may insist on a lot on face-to-face meetings as all are getting used to working at a distance.

Perhaps a helpful tip is the use of phone or video chat, etc., as opposed to e-mail: e-mail was never a great means of communication (it is good for passing on information, but certainly not for debating things or asking someone for a favor). I used to say when in doubt, pick up the phone. More so today actually.

How long can you ride out such a situation?

As it relates to ways of working, we’ll have to work this way for as long as it takes… I enjoy endurance sports and this situation reminds me of the reflexes of a long-distance effort: find a sustainable pace, don’t waste energy, think of «after» rather than «tomorrow» and importantly, just get used to the fact that it will be uncomfortable!

I am more worried about the long term impact of the crisis for a number of clients in our ecosystem: the longer this goes the more stretched they will be and we can see the first signs of distress with SMEs in particular – they typically represent 60 percent of any nation’s GDP.

Do you think Singapore as a financial center will lose its attractiveness over the Covid-19 crisis?

Quite the contrary actually. Singapore’s crisis management skills have been both effective and noted internationally, especially in comparison to some of the Western markets. I think Singapore may well gain rather than lose on a relative basis.

Alex Manson heads SC Ventures at Standard Chartered, a business unit established in March 2018 to lead innovation across the Group, invest in fintech companies, and promote the testing and implementation of new business models. Alex joined the firm as Group Head, Wholesale Banking Geographies in 2012, and was Global Head of Transaction Banking, between 2014 and 2018. He also spent 12 years at Deutsche Bank, notably as Global Head of Lending and Corporate Banking Coverage, and was at Credit Suisse for 8 years.

Source: Finews Asia

SOLV supporting India’s SMEs and community during COVID-19

India’s lockdown to stem the spread of COVID-19 has affected many business owners, and disruption in the supply chain had caused a massive shortage. Kiranas (grocery shops), medium to large retailers have had to close their shops.

India’s lockdown to stem the spread of COVID-19 has affected many business owners, and disruption in the supply chain had caused a massive shortage. Kiranas (grocery shops), medium to large retailers have had to close their shops.

India’s government has since allowed stores supplying essentials to open. But retailers and grocers do not have the channels and connectivity to procure their supplies from those higher up in the value chain, namely, manufacturers, traders and wholesalers.

Our venture SOLV, a B2B conversational commerce platform, is helping businesses get back on track.

How has SOLV helped?
SOLV is helping all sellers and buyers who are already on their platform; deliver basic, daily essentials such as groceries, fresh produce and FMCG products.

  • For suppliers who are unable to continue doing business with their regular buyers, SOLV is helping them connect with new buyers.
  • For buyers who are struggling to get supplies from their existing suppliers, SOLV is helping them connect with new suppliers.

The lockdown is to enforce public health safety. So even if retailers are open, going out and getting supplies poses a serious health hazard. Our SOLV team is going the extra mile by helping retailers supply large residential communities, non-profit organizations and hospitals. They are actively engaged in assisting small businesses to operate, in turn, supporting people in getting access to much-needed supplies.

So far, the team has helped thousands of SMEs on the platform and they continue to add more businesses onto the platform every day. The crisis has accelerated SOLV’s business model in terms of relevance, impact and reach out to new segments and opportunities. SOLV believes there is potential in servicing them even in the long run.

Know of India-based SMEs in need?
Email – cs@solvezy.com / call & whatsapp +91 91081 91081


2 years of Rewiring the DNA in banking

It’s now been 2 years since we started SC Ventures. Then, we highlighted three priorities: creating strategic options in banking through venture building, committing to intrapreneurship focused on client and business problem statements, and experimenting with the way we work. On the second anniversary of starting our mission of Rewiring the DNA in banking, we are taking stock and considering what’s next.

Innovation across the ecosystem
Innovation draws on collaboration across individuals & businesses, fintechs, industry peers and the wider ecosystem.

  • We opened new eXellerator labs in Nairobi, Shanghai and Hong Kong
  • 500 internal and external partners visited whilst we opened in Shanghai; likewise another 500 in Hong Kong, which included our inaugural RegTech flywheel industry collaboration
  • 1,500 people visited us during 16 hours of Singapore Fintech Festival Lab Crawl 2019 – as much as the space would allow
  • Singapore and Africa collaborated on the first Afro-Asia Fintech Festival with the Central Bank of Kenya and Monetary Authority of Singapore
  • SC Ventures Fintech Bridge went live in both English and Chinese as a meeting place for fintechs and the Bank, bringing solutions and business challenges together. Over 500 fintechs are now registered and we launched another 5 challenges or use case searches since the beginning of this year.

The spirit of Intrapreneurship lives on
31 intrapreneur teams are taking their ideas forward, including:

  • mortgage approvals in minutes in Dubai
  • digital savings whilst spending in Hong Kong
  • AI-driven client insights for Corporate, Commercial & Institutional Banking

We’ve received 2,000 ideas since launch – from the Venus challenge marking International Women’s Day, challenges in China and Africa, to working with the FinLab teams in Taiwan. From these ideas, new services or capabilities of the Bank have emerged as well as individual ventures in their own right. The SC Innovate community now stands at 22,000.

Investing in potential
Our $100m investment fund was launched in early 2019. Fund investments are emerging technology partnerships for the Bank, on their way to scaling up. Among the companies we’ve invested in is:

  • Instabase with whom we’ve worked for several years and are now used in multiple production instances across the Bank. We were delighted to support their growth (and, along the way, a billion-dollar valuation)
  • We welcomed three other companies to the fund this year – Digital Reasoning, Silent Eight, and SOCASH

As we explore new technologies, we’ve been building a base of expertise and intellectual capital in digital assets and cryptocurrencies, which we believe is world-class in financial services – stay tuned for more news. Elsewhere in the Bank, investments were made in:

  • Symphony Communications (also powering an award-winning client co-creation with Blackrock, itself an Intrapreneur submission to a client co-creation challenge)
  • Viva Republica’s digital bank consortium in Korea
  • LINE’s consortium in Taiwan which was awarded its digital bank license

Building ventures for the future
Venture building is starting to bear some real options in the way we serve customers and communities. As we explore new business models, from building platforms to plugging into them and leveraging new technologies – such models are related to (but ultimately not constrained) by how we see banking today. We recently announced:

  • our platform joint venture with Assembly Payments to support e-commerce merchants aggregate and manage their payments
  • Solv, a platform for conversational commerce providing financing and other business services is in its testing phase, enabling growth for 5,000 SMEs in India
  • CardsPal is finding 1,200 people better lifestyle deals with their credit cards across Singapore
  • nexus has reached a milestone in bringing Banking as a Service (BaaS) at scale in our markets, beginning with a major partnership in Indonesia
  • Singapore considers virtual banking, the Hong Kong Virtual Bank – branded Mox – will soon commence its second wave of beta testing

Thank you!

Progress has been at times hard won but ultimately, deeply gratifying. Many individuals and teams have played a significant part in making the past two years a reality. For that, thank you. We had lessons learned too. Communicating our purpose for the Bank and its clients; helping the Bank be more experimental, moving more quickly with a healthy dose of calculated risk-taking; to name a few.

SC Ventures: Connecting
We live from engagement. Literally. Just like humans need to connect with others in order to lead a purposeful life, we need connections in order to achieve our objective. For us, this speaks to the societal purpose of finance: when we “Rewire the DNA in banking”, we must do so in the context of the communities we serve, in order to make any sense at all. As SC Ventures, our community includes clients, Fintechs, corporate partners – then also people such as Intrapreneurs, subject-matter-experts and not least… you.

Our commitment to you is to create the right conditions to experiment and shape new ideas into reality – from Intrapreneurship, client co-creation to fintech PoCs and venture building. Once again, thank you to everyone who has been part of the humongous effort to date.

Our aspirations far exceed where we are now. We are committed to making innovation an integral part of the culture in our bank and realizing the formidable transformation potential that exists today in banking.

To connect with us: visit SC Ventures Fintech Bridge or reach out to the team at our SC Ventures Linkedin page.

Come join us in Rewiring the DNA in banking.