Standard Chartered's SV Ventures arm is launching a fintech that helps firms in regulated industries build run and deploy business applications in the cloud.

According to Gartner, public cloud spending is set to grow by around 23% per annum to close to $400 billion in 2022. But, for organisations in regulated industries such as financial services, healthcare and government, the process of building, deploying, and running applications can be slow and expensive.

SC Ventures' answer is the letsbloom fintech, which will offer a Platform-as-a-Service for secure onboarding of applications to any cloud platform. The platform will include pre-built bank grade security, compliance controls, continuous integration/continuous deployment, as part of a fully managed service.

In addition, there will be a letsbloom marketplace with certified third-party applications on a low-code platform.

Lokesh Sharma, CEO, letsbloom, says: "We enable them [letsbloom users] 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."