In a recent interview, Standard Chartered’s SC Ventures head Alex Manson told Ledger Insights that the company’s structure allows its subsidiaries to be disruptive. It intentionally separates incubated startups from business lines motivated to protect their profit centers. Today one of SC Ventures’ subsidiaries, Zodia Markets, launched a stablecoin solution targeting corporate cross border payments.
Zodia Markets is collaborating with Fireblocks to “address correspondent banking challenges”.
To put that in context, Standard Chartered is a global systemically important bank (G-SIB) with international activities making up a massive part of its business. Among the 40 G-SIBs, only ING has a higher cross border activity rating than StanChart relative to its size. In other words, correspondent banking is an important profit center for the bank.
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