The innovation arm of Standard Chartered is building a 'fintech bridge' to connect startups to relevant business departments within the bank.
The Bridge is an online portal designed to speed up the process for fintechs wanting to connect with the bank, moving from initial application to selection within just three months.
Alex Manson, head of SC Ventures, says: “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.”
The 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 business units or request for investments. It may also be used by outside investors to recommend startups to the bank
For startups that make the grade, SC Ventures promises funding guaranteed for proof of concepts (PoCs), the opportunity to test in different markets and the promise of full-time partnership investment.
Marion Bernardi, who leads fintech engagement at SC Ventures, says: “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.”
Editorial | what does this mean?