SC Ventures, Standard Chartered Bank’s innovation, fintech investment and ventures arm, announced the launch of letsbloom, a fintech that will give clients operating in regulated industries (such as financial services, healthcare and government) the ability to securely build, deploy, and run business applications on the cloud quickly and cost efficiently.
Letsbloom has two offerings:
- letsbloom Platform-as-a-Service (Paas) provides secure onboarding of applications to any cloud platform. The platform includes pre-built bank grade security, compliance controls, continuous integration / continuous deployment (CI/CD), as part of a fully managed service across the application lifecycle from development to production.
- letsbloom Marketplace helps organisations build better client experiences faster, by using certified third-party applications on our low-code platform. The security and compliance posture of all applications on the letsbloom marketplace is available at the click of a button. Organisations, including independent software vendors, can accelerate revenue growth by selling to new enterprise clients through letsbloom.
Gartner forecasts that worldwide public cloud spending to grow by around 23% per annum to close to USD 400 billion in 20221. letsbloom aims to be the platform of choice for building and deploying client experiences in any regulated industry on leading cloud platforms.
For organisations operating in regulated industries, the process of building, deploying, and running applications tends to be slow and expensive, especially as there is a high and increasing cost of meeting regulatory requirements. In addition, the substantial financial investment required in setting up the right infrastructure to protect client data from cybersecurity threats is a necessary cost of doing business.
Lokesh Sharma, CEO of letsbloom said: “letsbloom was founded to help organisations address these challenges by using the letsbloom platform and marketplace. We enable them to securely onboard their applications to the cloud and co-create with ecosystem partners at a fast pace. What used to take months can now be done in days on letsbloom’s platform, and at a fraction of the cost.”
Michael Gorriz, Standard Chartered Group CIO and letsbloom Board Director commented: “Financial institutions collaborating with fintech ecosystem partners often have complex regulatory requirements. letsbloom will help financial institutions deliver new client experiences faster whilst ensuring security and regulatory compliance.”
Alex Manson, SC Ventures said: “Security and compliance for all is a key theme for SC Ventures. letsbloom provides continuous security and compliance controls for organisations of all sizes to transform financial services in a fast and secure way.”
Discovery Technology Services Pte. Ltd. (Company Registration Number: 202100938H) is headquartered in Singapore, as a wholly owned subsidiary of Standard Chartered Bank. We are a fintech focused on enabling clients in regulated industries to build, deploy, and run applications cheaper and faster. We are democratising security and compliance for organisations operating in regulated industries through our turnkey cloud platform and marketplace solutions.
Source: Standard Chartered