Standard Chartered Sets Up Financial Technology Investment Unit

Standard Chartered PLC (STAN.LN) said on Wednesday that it has established a new business unit to invest in financial technology and other startup companies.

The emerging-markets focused bank said the new unit is called SC Ventures and will be led by Alex Manson, formerly Standard Chartered's head of transaction banking. Mr. Manson will report to Chief Information Officer Michael Gorriz.

In addition to investments, the unit will also lead internal consultation on digital technology and oversee Standard Chartered's own technology ventures.

Standard Chartered said it has made previous investments in payment technology company Ripple and data software company Paxata.

Shares were unchanged at 817.40 pence at 1129 GMT.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

January 17, 2018 06:52 ET (11:52 GMT)