Standard Chartered’s innovation and ventures arm, SC Ventures, plans to open an office in the Abu Dhabi Global Market (ADGM) to tap into the United Arab Emirates’s (UAE) technology ecosystem.
With 30 years in banking technology, Gautam Jain will lead the Abu Dhabi office. His background includes chairing two SC Ventures portfolio companies and various board memberships.
He joined SC Ventures in 2018 after roles at Standard Chartered Bank, Barclays, HSBC, and Citigroup in Singapore, London, and India.
This move coincides with SC Ventures partnering with SBI Holdings to initiate a digital asset venture in the UAE. SC Ventures sees opportunities in the UAE’s thriving tech ecosystem and ADGM’s growth as a financial hub.
The office will engage with the local fintech and startup ecosystem, identify venture-building partnerships, invest in promising ventures, collaborate with universities, and explore new technologies.
The move aligns with innovation and ventures arm’s themes around digital lifestyles, digital assets, SMEs and world trade, and sustainability and inclusion. It also supports the UAE’s goal of developing over 8,000 SMEs and startups by 2030.
SC Ventures CEO Alex Manson said,
“We are excited to contribute to the ecosystem as we continue building our portfolio of ventures to rewire banking in the region.”
This article first appeared on fintechnews.sg
