Mubasher: Standard Chartered announced on Wednesday that it has established a business unit to invest in financial technology (fintech) and promote innovation, under the name “SC Ventures”.

The new unit will include internal consultants to help the rest of the group solve problems with technology and a team to sponsor and oversee new disruptive technology ventures owned by the British multinational banking and financial services company.

Another part of the new unit will focus on managing the bank’s minority investments and seeking new ones to back, as reported by Reuters.

“As new technology continues to play an ever more important role in banking, there is a huge opportunity for us to promote more innovation,” said Michael Gorriz, the group chief information officer, as quoted by the news agency.