The bank has been granted board observer rights and a rotational board seat.
Standard Chartered invested in United Fintech Group, touted as a “one-stop-shop” platform for fintechs and financial businesses such as banks, hedge funds, and asset managers.
United Fintech, a London-headquartered platform, acquires engineering-led fintechs with services aimed at capital markets, wholesale banking, and wealth management and places them under a central umbrella.
Its platform offers technologies to financial institutions, which in turn the institutions can use to build up their products and services.
StanChart has been granted board observer rights to United Fintech. The bank will also be offered a rotational board seat.
The investment reportedly supports Standard Chartered’s ambitions to contribute to the advancement of digital transformation solutions across capital markets, wholesale banking and wealth management, and the broader financial services arena, the bank said in a press release announcing the investment.
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