SC Ventures, the innovation and venture capital arm of Standard Chartered, has announced its strategic expansion into Bahrain, aiming to build and invest in new FinTech startups. The move leverages the Kingdom’s advanced regulatory environment and skilled local talent pool to foster a more advanced financial ecosystem, aligning with Bahrain’s Economic Vision 2030.
Mohammed Fayez, Head of SC Ventures in the Middle East, highlighted that innovation is now being driven by independent startups operating outside traditional banking. “Our expansion in the region, specifically in Bahrain, is based on a vision to build an advanced financial ecosystem,” he stated. “We will rely on national talent to create technology platforms with a global presence.”
A Venture Building Model for Regional Growth
Established in Singapore in 2018, SC Ventures has successfully capitalized on Asia’s mature FinTech markets. The post-pandemic digital transformation accelerated the Middle East’s potential, prompting the firm’s recent regional expansion. In the UAE alone, SC Ventures has already established nine startups, creating over 170 jobs and focusing on enhancing customer experience, supporting SMEs, and developing wealth management solutions.
The firm’s model centers on building startups that are fully independent but cater to the technological needs of Standard Chartered and the broader market. These ventures serve global, local, and private banks, as well as non-financial companies, operating with the agility and competitiveness of private sector entities. SC Ventures now has a global portfolio of over 30 companies.
Strategic Partnership with Bahrain FinTech Bay
To accelerate its entry into the local market, SC Ventures has signed a memorandum of understanding with Bahrain FinTech Bay. The partnership aims to establish collaborative channels that provide deep market insights, connect with key financial sector partners, and offer logistical support to fast-track the establishment of new ventures in the Kingdom.
The collaboration will focus on discussing financial technology solutions with Bahraini banks and institutions while introducing innovative investment options for local and family-owned businesses. “Our primary goal is to establish startups that align with Vision 2030 and offer solutions not currently available in the Bahraini market,” Fayez explained.
Tapping Into Bahrain’s Talent and Regulatory Edge
Fayez emphasized that human capital is a critical factor for foreign investment, and Bahrain possesses a fundamental advantage with its highly skilled national talent. The local workforce is distinguished by multilingual proficiency, advanced technical expertise, and global professional certifications, making it possible to build startups reliant on specialized tech, programming, and engineering skills.
Bahrain’s pioneering regulatory environment is another key attraction. The Kingdom was one of the first in the region to launch a regulatory sandbox, and its single regulator, the Central Bank of Bahrain, simplifies licensing procedures compared to markets with multiple governing bodies. This supportive framework allows startups to operate and scale more rapidly.
Driving Financial Innovation with Proven Solutions
SC Ventures plans to replicate its successful venture models in Bahrain, tailored to local market needs. One such example is Appro, a UAE-based platform that uses AI to process loan applications in under 90 seconds, a process that traditionally took days. The platform serves over 15 banks in the UAE.
Other successful ventures include Hal, a comprehensive digital platform for SMEs offering services from loans to accounting, and myZoi, a multilingual platform for low-income workers that facilitates low-cost international remittances and financial literacy tools. In less than a year, myZoi has attracted nearly 90,000 users in the UAE. Ensuring the security of these platforms is paramount, leading SC Ventures to establish specialized cybersecurity firms to protect both clients and the market.
About SC Ventures
SC Ventures is the innovation, FinTech investment, and ventures arm of Standard Chartered. It serves as a platform and catalyst for the bank to promote innovation, invest in disruptive financial technology, and explore new business models. The firm focuses on “rewiring the DNA in banking” both in and outside the bank.
Source: Alayam
