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Standard Chartered on Thursday announced that it will be launching an open platform for Small and Medium Enterprises (SMEs) in the country, to help them grow by providing access to a range of financial and business solutions.
The solutions will include access to business loans, invoice and supply chain financing, logistics, commercial insurance and skilled resources among others.
“The platform will provide a data-driven ‘digital only’ experience to SMEs, supported by artificial intelligence and machine learning,” the lender said in a statement, adding that it will facilitate its first transactions in the second quarter of 2019.
The initiative is being launched under SC Ventures — the innovation, investment and ventures unit of Standard Chartered. The technology company has been established in Bengaluru and Nitin Mittal has been appointed as its Chief Executive Officer. It will partner with Standard Chartered Investments and Loans Ltd, a non-banking financial company for financing requirements.
“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, Standard Chartered Bank, India.
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