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Payments General

StanChart to set up digital SME platform in India

Thursday 14 March 2019 | 02:32 PM CET

Standard Chartered’s SC Ventures unit has announced that it will be launching an open platform for SMEs in India.

According to the bank, the nation’s SME sector contributes approximately 30% of GDP and 45% of exports.

It will use various data sources and integrate with digital business solution providers. These solutions will include access to business loans, invoice/supply chain financing, logistics, and commercial insurance. The platform will be supported by artificial intelligence (AI) and machine learning.

The beta testing has been completed and the platform will do its first transactions in Q2 2019.

At the time of launch, for financing it intends to partner with Standard Chartered Investments and Loans Ltd (SCILL), a non-banking financial company.

The platform will be available to clients in India in the second half of 2019.

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