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New StanChart unit to invest in fintech and promote innovation

Standard Chartered
MAS announced it has imposed penalties of S$5.2 million on Standard Chartered Bank, Singapore Branch and S$1.2 million on Standard Chartered Trust (Singapore) Limited for breaches of its anti-money laundering and countering of terrorism financing requirements.

STANDARD Chartered (StanChart) has set up a new unit aimed at promoting innovation within the bank and investing in disruptive technologies, the bank announced on Wednesday.

The new SC Ventures unit will work with StanChart's business units in areas covering innovation best practices and client-centric design.

It will also have a professional investment unit to manage StanChart's minority investments in fintech companies and to seek further investments in promising technologies, the bank said.

"The venture unit will sponsor and oversee new disruptive technology ventures that are wholly or partially owned by StanChart," it added.

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SC Ventures will be led by Alex Manson. He will be based in Singapore and report to Michael Gorriz, StanChart's group chief information officer from March 1, 2018.

Mr Gorriz said: "As new technology continues to play an ever more important role in banking, there is a huge opportunity for us to promote more innovation, and at the same time develop and deliver digital solutions that work for our clients and for us."

"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," Mr Manson, global head, SC Ventures, said.

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