Standard Chartered’s SV Ventures arm is launching a fintech initiative designed to assist firms in regulated industries with the construction, deployment, and management of business applications in the cloud.
According to Gartner, public cloud spending is projected to increase by approximately 23% annually, reaching nearly $400 billion in 2022. However, organizations in regulated sectors such as financial services, healthcare, and government often face lengthy and costly processes for building and running applications.
SC Ventures is addressing this challenge with letsbloom, a fintech that will provide a Platform-as-a-Service specifically for secure onboarding of applications to various cloud platforms. This platform will feature pre-built bank-grade security, compliance controls, and continuous integration/continuous deployment, all within a fully managed service.
Additionally, letsbloom will offer a marketplace with certified third-party applications on a low-code platform.
Lokesh Sharma, CEO of letsbloom, stated: “We enable our users to securely onboard their applications to the cloud and collaborate with ecosystem partners at an accelerated pace. What traditionally took months can now be accomplished in days on letsbloom’s platform, and at a significantly reduced cost.”