Standard Chartered Just Launched a Fintech Bridge and it’s Exactly What it Sounds Likeby Fintech News Singapore March 19, 2019
SC Ventures, the investment arm of Standard Chartered Bank, has created a platform to connect community builders such as startups, investors and accelerators.
The SC Ventures Fintech Bridge connects and matches partners from the fintech ecosystem to Standard Chartered’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 Standard Chartered for future collaborations.
The appeal to the bank here is obvious, as Standard Chartered plays into the general trend of entrenched banks outsourcing their fintech advancement needs to fintech firms, while allowing startups to move from initial application and final selection for investment in just 3 months.
Startup participants would be directly answering a call-to-action to solve a problem faced by Standard Chartered, and therefore, already jump through multiple hurdles, including onboarding a big-scale client. Meanwhile, Standard Chartered can source for direct solutions for their problems.
The selected startups would also gain access to test in different markets in the Standard Chartered network, including Asia, Africa, Middle East, and Europe.
Featured image via Standard Chartered