SC Ventures, a fully owned subsidiary of Standard Chartered, is currently in talks with potential partners to jointly invest about $100 million (Dh367m) each in three financial sector start-ups and is scouring Middle East and Africa for more co-investment options.
"We are now working on at least three ventures [start-ups] that could involve partnerships and third party investments," Alex Manson, the head of SC Ventures told The National, without specifying the geography of potential transactions.
The ticket size of the joint investments depends on the nature of the venture but the funds raised for the deals being negotiated will be less than $100m, he said, adding that the bank is “resisting the urge to throw too much money” at any one company and wants to help scale the start-ups with the help of partners and co-investors.
Standard Chartered has already partnered with PCCW, Hong Kong Telecom Trust and Ctrip Financial Management to launch a new digital-only retail bank in Hong Kong, which was among the first to receive a licence to operate from the Hong Kong Monetary Authority. Standard Chartered holds 65.1 per cent in the joint venture, while PCCW, HKT and Ctrip Finance hold 10, 15 and 9.9 per cent, respectively.
Mr Manson has met some of the bank’s strategic clients and investors in the UAE and sees potential investments in the second-biggest Arab economy.
“This place is ready,” he said.
“There’s lots of ideas and energy behind financial innovation in this market ... there are a number of things we want to follow up in the UAE” in terms of deals, he added.
The lender, Mr Manson said, is looking to co-invest in start-ups across its footprint of Asia, Africa and the Middle East.
“I anticipate that at any point in time we will have 10 to 15 ventures in our portfolio [in different stages of growth] … But we are at an early stage of building that portfolio,” he said, declining to specify the total amount of funds earmarked for investments in ventures.
Banks are increasingly looking to establish dominance in digital services and next-generation technologies in a bid to simplify and speed up transactions. Conventional lenders are also looking to set up their own neo-banks – digital-only banks – or bring on board financial technology (FinTech) firms to incorporate their faster and cheaper solutions in their respective banking services.
SC Ventures, established in 2017, is also taking minority stakes in FinTech firms through its $100m innovation investment fund, which Mr Manson said is on course to be fully invested by the end of 2020. Increasing the size of existing FinTech investments is an option, he said.
SC Ventures has already invested undisclosed amounts in FinTechs such as Ripple and Paxata. Its typical investment at an early stage FinTech is $5m or less as it participates in follow-on funding rounds as well.
“In the FinTechs that we work with, we only take minority stakes and that is with the view to partner and help them scale,” Mr Manson said.
“Our objective is to rewire the DNA of banking and transform it … to bring the capabilities [of FinTech ventures] to the main [Standard Chartered] bank,” he noted.
More on Quran memorisation:
More on Quran memorisation:
KILLING OF QASSEM SULEIMANI
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Dr Graham's three goals
Short term
Establish logistics and systems needed to globally deploy vaccines
Intermediate term
Build biomedical workforces in low- and middle-income nations
Long term
A prototype pathogen approach for pandemic preparedness
Specs
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Range: 400km
Power: 134bhp
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SPECS
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World Cup final
Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region
'The Last Days of Ptolemy Grey'
Rating: 3/5
Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro
Writers: Walter Mosley
Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins
Killing of Qassem Suleimani
Killing of Qassem Suleimani
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Ahmed Raza
UAE cricket captain
Age: 31
Born: Sharjah
Role: Left-arm spinner
One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95
T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28
The specs
AT4 Ultimate, as tested
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Transmission: 10-speed automatic
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The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
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SPAIN SQUAD
Goalkeepers Simon (Athletic Bilbao), De Gea (Manchester United), Sanchez (Brighton)
Defenders Gaya (Valencia), Alba (Barcelona), P Torres (Villarreal), Laporte (Manchester City), Garcia (Manchester City), D Llorente (Leeds), Azpilicueta (Chelsea)
Midfielders Busquets (Barcelona), Rodri (Manchester City), Pedri (Barcelona), Thiago (Liverpool), Koke (Atletico Madrid), Ruiz (Napoli), M Llorente (Atletico Madrid)
Forwards: Olmo (RB Leipzig), Oyarzabal (Real Sociedad), Morata (Juventus), Moreno (Villarreal), F Torres (Manchester City), Traore (Wolves), Sarabia (PSG)
Rock in a Hard Place: Music and Mayhem in the Middle East
Orlando Crowcroft
Zed Books
RESULTS
5pm: Maiden | Dh80,000 | 1,600m
Winner: AF Al Moreeb, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Handicap | Dh80,000 | 1,600m
Winner: AF Makerah, Adrie de Vries, Ernst Oertel
6pm: Handicap | Dh80,000 | 2,200m
Winner: Hazeme, Richard Mullen, Jean de Roualle
6.30pm: Handicap | Dh85,000 | 2,200m
Winner: AF Yatroq, Brett Doyle, Ernst Oertel
7pm: Shadwell Farm for Private Owners Handicap | Dh70,000 | 2,200m
Winner: Nawwaf KB, Patrick Cosgrave, Helal Al Alawi
7.30pm: Handicap (TB) | Dh100,000 | 1,600m
Winner: Treasured Times, Bernardo Pinheiro, Rashed Bouresly
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RESULT
Los Angeles Galaxy 2 Manchester United 5
Galaxy: Dos Santos (79', 88')
United: Rashford (2', 20'), Fellaini (26'), Mkhitaryan (67'), Martial (72')
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital