CFOtech Asia logo
Technology news for Asia's CFOs and financial decision-makers
Story image

SC Ventures launches fintech startup for retail banking

By Zach Thompson
Wed 3 Aug 2022

SC Ventures has launched Appro, a fintech startup, to simplify the retail banking user journey, aiming to foster greater efficiency in application processes for retail banking products.

Appro digitises, streamlines and simplifies the retail banking journey by reducing the time taken to complete application processes such as credit cards and personal loans from hours to minutes.

SC Ventures says that Appro gives the market an offering that makes onboarding the application more straightforward for customers, meaning they only need to complete a single application per product.

Using the application to capture all required background information and preferences from each customer, Appro shares these data points securely with all participating banks, enabling them to qualify customers and, in turn, recommend their most relevant products for each customer.

From here, the platform collates the products most suitable for the customer and ranks them using a unique algorithm based on the customer’s indicated preferences, affording an easier, more informed and intelligent decision-making process.

At the same time, the participating banks get the pre-processed applications for each qualified customer, which already include the outcomes of all necessary bank onboarding activities, including Know Your Customer, customer due diligence, credit-worthiness assessments and fraud checks.

SC Ventures is the innovation, fintech investment and ventures arm of Standard Chartered.

“At SC Ventures, we are focused on finding solutions to problems we identify in the market and will serve customers in the ways they want and need to be served,” SC Ventures head Alex Manson says.

“Appro’s platform is a fantastic example of such solution that has emerged from a customer-focused approach to remove a great deal of friction from the onboarding experience.”

Appro was founded by three Standard Chartered employees, Iftekhar Salim, Tarek Osman and Antofelix Rajan.

Working as retail bankers for the company at the time, they understood the pain points customers often experienced during drawn-out onboarding processes for retail banking products in the United Arab Emirates.

The fintech was then incubated at SC Ventures, with early-stage investment on three occasions.

“Our goal is to bridge the gap between customers looking to find the best deals in town and banks’ concerted efforts to be positioned as a superior service provider,” Appro CEO Iftekhar Salim.

“When we developed our first solution to this end as part of an internal retail banking challenge facilitated by SC Ventures in 2019, we managed to reduce turnaround time for mortgage pre-approval letter issuance from six days to a mere 45 minutes.

“We saw our mortgage booking volume jump significantly, and this really validated the market appetite we had only surmised up to this point.

“It drove us to see what else we could build to better serve both customers’ and banks’ needs in the retail banking space.”

Appro’s platform launches in the UAE with credit card and personal loan applications.

The company intends to expand the platform to include mortgage loans and automobile loans, as well as current and saving accounts and wealth management products in 2023.

In addition, it will introduce the ability for banks to embed Appro into their existing websites and applications, giving them the option to process their own self-generated leads instantly.

Further, the fintech has plans to scale across the wider Gulf Cooperation Council, followed by markets in the Asia Pacific, including Singapore, Hong Kong, Malaysia, Australia and India.

Related stories
Top stories
Story image
Artificial Intelligence
Appier achieves historically high growth rate of 56% YoY
"Our strong momentum over the past two quarters underscores Appier's significant growth alongside our customers."
Story image
Ransomware
Sophos reveals latest ransomware trend impacting orgs
Sophos has announced in a new whitepaper that Hive, LockBit and BlackCat, three prominent ransomware gangs, consecutively attacked the same network.
Story image
Digital Transformation
Why it is imperative to keep up with technology advancements
Technology is constantly evolving, which is why digital transformations can often be complicated. What legacy items stay? Will the new and old work together? Or is there a whole new system that we need to introduce?
Story image
Tech job moves
Tech job moves - Fastly, INX, Kinly, SmartBear & Vectra AI
We round up all job appointments from July 29 - August 12, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Augmented Reality
TeamViewer remote access software integrated into RealWear Cloud
TeamViewer has announced a major expansion of its partnership with RealWear, a leading provider of assisted reality wearable solutions for frontline industrial workers. 
Story image
APAC
Automation to take over 63 million jobs in APAC by 2040 - report
Forrester forecasts that working populations in the five largest economies in APAC are more at risk of physical robot automation than in Europe and North America.
Story image
10 Minute IT Jams
Video: 10 Minute IT Jams - An update from Incode Technologies
Jonathan Andresen joins us today to discuss the identification and authentication solutions offered by Incode.
Story image
Malware
Bitdefender identifies 192 active ransomware families worldwide
Bitdefender says the most prevalent of the 192 active ransomware families was WannaCry, which accounted for 42% of detections.
Story image
Appointments
Tech job moves - Checkmarx, Kinly, Syniti, Trellix & WalkMe
We round up all job appointments from July 22-28, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Tech job moves
Tech job moves - Cohesity, Equinix, IDC, Proofpoint & Xero
We round up all job appointments from July 29 - August 5, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Cybersecurity
Qualys develops EASM capabilities for Cloud Platform
"Qualys unique approach to EASM is integrating the internal and external asset data from CyberSecurity Attack Management with its VMDR solution into a single view."
Story image
Enterprise
Fortinet reports second quarter 2022 financial results
“We delivered strong revenue and billings growth in the second quarter driven by an increase in the number of transactions larger than one million dollars."
Story image
Skills gap
Diversity, inclusion essential to fill IT industry skills gap
Companies say that recruiters have to search harder and wider for talent, unlocking untapped potential to fill the skills gap.
Story image
SaaS
Viavi updates Observer platform to simplify cloud monitoring
Version 18.8 simplifies cloud monitoring with data centre-like visibility, bringing two key capabilities to cloud-based applications and deployments.
Story image
Robotic Process Automation / RPA
Gartner names NICE a Leader in 2022 Magic Quadrant
NICE has been recognised as a Leader in the 2022 Gartner Magic Quadrant for Robotic Process Automation (RPA) research report.
Story image
Document Management
TrustRadius gives M-Files two document management awards
TrustRadius has recognised M-Files with both a 2022 Best Feature Set and a 2022 Best Relationship award in document management.
Story image
Artificial Intelligence
Oracle unveils AI-powered application to automate sales
Oracle has unveiled the next generation of Fusion Sales, an application that automates sales and identifies the opportunities worth pursuing.
Story image
Gartner
Veeam named Leader in enterprise backup and recovery
"We believe our innovation and ability to execute validates our solid standing as the #1 trusted provider of modern data protection."
Story image
Hybrid Cloud
The essential guide to digital transformation by SolarWinds
Digital transformation is a buzzword thrown around all the time by companies, but what does it actually mean and why is it important? SolarWinds breaks it down.
Story image
Infrastructure
IBM expands Power10 server line for business modernisation
IBM has recently announced a significant expansion of its Power10 server line with the introduction of mid-range and scale-out systems.
Story image
scam
Classiscam threat expands to target leading platforms in Singapore
Researchers at Group-IB have uncovered that Classiscam, a sophisticated scam-as-a-service operation, has expanded to Singapore.
Story image
Palo Alto Networks
New study reveals opportunistic behaviour of cyber criminals
"Ransomware attackers are also becoming more organised [...] as they engage with cyber criminals and the victimised organisations."
Story image
Rubrik
Gartner names Rubrik Leader in 2022 Magic Quadrant
Rubrik has been positioned by Gartner as a Leader in the 2022 Magic Quadrant for Enterprise Backup and Recovery Software Solutions.
Story image
Cloud
TBC Bank decreases time to market for new offerings by 40%
TBC Bank has reduced time to market for new and enhanced products and services by 40% since implementing Kong Enterprise, the cloud native API platform. 
Story image
Internet of Things
AI-Link chooses Keysight offering to validate 5G performance
AI-Link has chosen Keysight Technologies' 5G test tools for end-to-end performance validation of cloud-native 5G radio access network (RAN) equipment.
Story image
Compliance
Why security needs to shape your journey to the cloud
It's estimated that 80% of workloads could be in the cloud in the next few years. How can you make all that data secure?
Story image
Tablets & laptops
HP unveils new devices and solutions to enhance hybrid workplaces
HP has introduced a variety of new devices and solutions, which they say are designed to connect people and provide better experiences when dealing with hybrid work.
Story image
Hybrid Cloud
ERP implementations biggest concern for customers - report
"Companies are setting a higher bar for their ERP providers to deliver on more than just the technology itself."
Story image
Gartner Magic Quadrant
Gartner names Lookout a Visionary in 2022 Magic Quadrant
Gartner has recognised Lookout as a Visionary in the 2022 Magic Quadrant for Security Service Edge (SSE) and one of the top three offerings in the 2022 Gartner Critical Capabilities for SSE report.
Story image
SaaS
Exclusive: The Access Group shares the benefits of embracing SaaS
In today's rapidly changing working environments, efficiency and productivity are surefire ways to create business growth and success.
Story image
VMware
Latest VMware threat report reveals truth about deepfakes
"Cyber criminals have evolved. Their new goal is to use deepfake technology to compromise organisations and gain access to their environment."
Story image
Ransomware
Majority of execs in SEA anticipate ransomware attacks
Kaspersky's study uncovers that more than half believe a ransomware attack against their business is too small to worry about.
Story image
Data
Hazelcast launches beta release of new serverless offering
Hazelcast Viridian Serverless speeds up app development, simplifies provisioning, and enables integration of real-time data into applications.
Story image
Gartner Magic Quadrant
Gartner positions Commvault as Leader in 2022 Magic Quadrant
Gartner has named Commvault a Leader in its 2022 Gartner Magic Quadrant for Enterprise Backup and Recovery Software Solutions report.
Story image
Remote Working
Four-day week: Perceptions across Asia Pacific and Japan
Workers across APJ want to be empowered to do their best work, wherever and whenever they want.
Story image
Fintech
SC Ventures launches fintech startup for retail banking
SC Ventures has launched Appro, a fintech startup, to simplify the retail banking user journey, aiming to foster greater efficiency in application processes for retail banking products.
Story image
Pure Storage
Pure Storage named leader in GigaOm report for Kubernetes storage
Pure Storage named the leader for the third consecutive year by GigaOm Radar Report for enterprise Kubernetes storage.
Story image
Amazon Web Services / AWS
Sapporo City selects Nutanix Cloud Clusters on AWS
The city first used a hyper-converged infrastructure (HCI) solution from Nutanix to modernize and improve the efficiency of its on-premise datacenter.
Story image
Indusface
Why enhancing bot protection for web and API endpoints matters
The trouble with bots is that they aren’t all bad. Unfortunately, this can make it challenging to detect malicious bots that find their way into your system and threaten your business.
Story image
Partnership
NCS, FPT Software launch Strategic Delivery Centre in Vietnam
The new partnership is designed to support increasing demand for high quality digital services across the region.
Story image
Robotic Process Automation / RPA
Gartner anticipates RPA software revenue of US$2.9 billion
Gartner predicts global robotic process automation (RPA) software revenue to reach US$2.9 billion in 2022, an increase of 19.5% from 2021.
Story image
Data
NOVATION releases cloud-based solution to maximise value of data
NOVATION has announced the release of DataVio, its cloud-based solution for helping businesses automate the processing and extraction of data.