JAKARTA (TheInsiderStories) – Standard Charterd (StanChart) has set up a new unit aimed at investing innovation within the bank and investing in disruptive technologies, according to CEO StanChart Indonesia Rino Donosepoetro.
A new ‘SC Ventures’ unit will collaborate with StanChart’s business units in areas covering innovation best practices and client design led by Alex Manson as a Global Head of SC Ventures.
It was set up by their global office as new innovative response in facing the changing landscape of banking model in digital era. The unit will work as a professional investment unit to manage the Group’s minority investments in FinTech companies and seek further investments in promising technologies.
“There is possibility of upcoming corporate action based on the review of the unit,” said Donosepoetro, Monday (22/1).
The venture unit will sponsor and oversee new disruptive technology ventures that are wholly or partially owned by StanChart. Dono explained how this will become the think-tank for the company to look forward the development of FinTech players in Indonesia.
“We are serious about future innovation globally as an organization,” he said.
Technology is at the heart of StanChart’s strategy – driving efficiencies, increasing automation, introducing global platforms, reducing manual errors and strengthening how it combats financial crime.
In 2015, the bank announced it was investing about US$3 billion over three years in technology and systems.
Alex Manson, Global Head of SC Ventures, said: “In a world otherwise full of technical solutions looking for problems, at Standard Chartered we start with human beings. I feel privileged to have the opportunity to facilitate and catalyse a culture of innovation, working with our clients and colleagues to invent the banking of tomorrow.”
Under Alex Manson’s leadership, the bank has built a differentiated Transaction Banking business with a strong suite of market-leading products across trade, cash and securities services.
He has also been responsible for the SC Innovate platform for employee-driven innovations and numerous proofs of concepts in collaboration with fintech companies, in areas such as Distributed Ledger Technology, data analytics and mobile platforms.
Indonesia’s financial technology players enjoyed a stronger business growth last year, thanks to a more supportive regulations and a better collaboration with financial industry players, a report from Indonesia FinTech Association (AFTECH) showed.
The association recorded there are 235 financial technology companies operating in Indonesia last year. More than a third of this number are active in the payment system and the rest are involved in the fintech subsectors like loan-to-customer, market provisioning, investment management, insurance-technology, and equity capital raising.
The report also showed that users of FinTech services mostly come from those in 25-35 years of age, have monthly revenue in average of between Rp5 million to Rp15 million and have good digital literature. It said the millenials are known to have good knowledge of technology and they easily adopt new innovations based on technology.