SC Ventures Launches Trade Finance Startup
The Standard Chartered unit, known as SC Ventures, has announced to open a startup of trade finance. It already deals with FinTech investments and ventures in India and will now control a B2B marketplace for MSMEs. The platform SC ventures have launched is known as SOLV.
The SOLV platform will help the MSMEs to rewire with the bank digitally, irrespective of whether it is a pre-existing client or a new one. As per the recent data, there are over 60 million MSMEs in India, which contribute about 30% of the total GDP of the country and 40% of exports and the workforce.
However, most MSMEs do not have access to technology and fail to enjoy trade-related conveniences. So, most of such owners are still unaware of the digital trading ecosystem.
The SOLV platform can provide MSMEs with a well-structured trading ecosystem with a proper value chain. With SOLV, MSMEs can improve business networks, improve the timeliness of delivery, and get proper financial access. As a result, the Indian MSMEs can promisingly expand in the years to come.
The technological elements on which the SOLV platform is designed are artificial intelligence, machine learning, and Blockchain. It can enhance trustworthiness in the trading environment and work with genuine stakeholders.
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SC Venture’s SOLV platform keeps a focus on the digitization of the supply chain in multiple industrial sectors. The MSMEs coming under it can get a digital identity that can enhance its industrial presence. Moreover, an enterprise can generate a SOLV score and get credit from other companies.
SOLV is at its initial phase right now operating, in more than 20 towns in India. However, SC Ventures is looking forward to expanding it to more than 200 areas. Moreover, it will also likely operate in countries, like Ghana and Kenya.
The Venture Lead of SOLV and SME platforms Global Head said a few words about the SOLV platform. According to him, SOLV can put a positive impact on the MSME trading market and lead to sustainable growth in the sector. He also mentioned that SOLV can improve the condition of the MSME environment in the post-pandemic situation.
In the long run, SOLV can come up with unique business models and enhance business conditions for clients. SC Ventures has recently announced its tie-up with MOX, a Hong Kong-based retail digital bank as it can help SOLV to improve its functionality in the trading ecosystem.