SC Ventures, the fintech investment unit of Standard Chartered, has unveiled a new venture to help customers in regulated sectors launch their business on the cloud.

Called letsbloom, the new entity is aimed at clients across financial services, healthcare, and government, among others.

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The fintech has two offerings, the first of them is a platform-as-a-service (Paas), which allows clients to deploy applications on any cloud platform.

As part of its services, the platform is said to offer bank-grade security, compliance controls, continuous integration / continuous deployment (CI/CD).

letsbloom’s second offering is a marketplace to enhance customer experience using third-party applications on the fintech’s low-code platform.

The platform can be used by independent software vendors to reach out to new clients.

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Standard Chartered Group CIO and letsbloom board director Michael Gorriz said: “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.”

Lokesh Sharma, CEO of letsbloom said: “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.”

letsbloom aims to capitalise on the growth opportunity offered by public cloud, spending on which is expected to reach around $400bn in 2022.

Last week, Standard Chartered announced plans to launch a new green digital platform called Shoal.