Standard Chartered set up a Standalone AI Driven Digital SME platform in India

On Thursday Standard Chartered on Thursday announced that it would lunch an open standalone 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 by linking 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 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. He says Beta tests have been completed and the platform will facilitate its first transactions in Q2 2019.

“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.

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.”

The technology platform will provide a data-driven ‘digital only’ experience to SMEs, supported by artificial intelligence and machine learning. 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.

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.