Standard Chartered is to launch a standalone technology company catering to the needs of small and medium-sized business in India.
The open platform will link up with third party business providers and financial institutions to offer Indian SMEs access to business loans, invoice/supply chain financing, logistics, commercial insurance and skilled resources.
The technology company, cultivated under the wing of SC Ventures, the innovation, investment and ventures unit of Standard Chartered, has been established in Bengaluru. Nitin Mittal has been appointed as its chief executive officer.
He says Beta tests have been completed and the platform will facilitate its first transactions in Q2 2019. At the time of launch, for financing it intends to partner with Standard Chartered Investments and Loans Ltd, a non-banking financial company.
Alex Manson, global head of SC Ventures says: “Rewiring the DNA in banking is all about the business model. This venture lays the foundation for an open platform that will thrive on partnerships, leverage technology and data, and support communities of aspiring SMEs.”