Standard Chartered to set up a digital SME platform in India
The technology platform will offer SMEs access to financial and business solutions through a network of partnerships
Being launched under SC Ventures, the innovation, investment and ventures unit of Standard Chartered, the technology platform will be one of the first to provide holistic solutions to SMEs in India – a sector that contributes approximately 30% of GDP and 45% of country’s exports.
“There is a huge opportunity in India to enable millions of SMEs to realise their full potential. This platform addresses a wide range of SME needs through a completely different model which simplifies the SME growth experience, while putting control at their fingertips,” said Zarin Daruwala, Chief Executive Officer of Standard Chartered Bank (India), in a statement.
Leveraging on the rapidly evolving ecosystem of data sources, coupled with digital business solution providers, the solutions envisioned under the platform include access to business loans, invoice/supply chain financing, logistics, commercial insurance, and skilled resources, among others. It will also provide a data-driven ‘digital only’ experience to SMEs, supported by artificial intelligence and machine learning.
As an open platform, it will also integrate with other financial institutions and leading multi-channel marketplaces. The platform will be available to clients in India in the second half of 2019.