Standard Chartered Creates Unit to Invest in FinTech

The new unit will be led by Alex Manson, previously global head of transaction banking at StanChart
17 January 2018   630

Standard Chartered announced on January 17 that it has established a new business unit, SC Ventures, to lead digital innovation across the Group, invest in fintech and other start-up companies and promote rapid testing and implementation of new business models.

SC Ventures will be led by Alex Manson, previously global head of transaction banking at StanChart. The company will include internal consultants to help the rest of the group solve problems with technology and a team to sponsor and oversee new disruptive technology ventures owned by StanChart.

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.

 

Michael Gorriz

Group Chief Information Officer of Standard Chartered

Standard Chartered has already launched a new cross-border payments platform built on top of technology developed by Ripple and the company has also entered into a joint innovation agreement with Paxata, a software company.

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   74

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.
 

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.
 

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.