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   227

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.

Bank of China Filed a Patent to Scale Blockchain Systems

Bank of China has filed a patent application for a process able to scale blockchain systems  
23 February 2018   102

According to a document released by China's State Intellectual Property Office (SIPO) on February 23, the application was invented by Zhao Shuxiang and first submitted on September 28 last year.

The application states that instead of letting a new block store transactions from its previous one, a data compressing system could be used to pack transactions from multiple blocks into what the patent calls a "data block."

For example, when the system receives a request to compress transactions from block 1 to 1,000, it causes a new data block to be formed and temporarily hosted on a different storage system. Then, the system will run the packed data through a hash function with a hash value. After that, the compression system will attach labels in order to identify blocks on the blockchain.

With the use of the described method, the patent claims a reduction in the amount of the data stored in new blocks as transactions mount in a blockchain while ensuring that data from all previous transactions will still be tamper-proof and traceable.

At the moment, the patent in the review process.