Standard Chartered unit launches B2B marketplace in India

Tuesday 8 December 2020 12:57 CET | News

SC Ventures, a Standard Chartered unit has announced the commercial launch of SOLV, a full-stack B2B marketplace for micro, small and medium enterprises (MSMEs) in India.

The SC Ventures unit is dealing with innovation, ventures, and fintech investments. SOLV’s B2B commerce platform offers India’s MSME sector an open trade ecosystem across the value chain. The platform uses technologies like blockchain, artificial intelligence and machine learning to allow MSMEs to conduct their business with multiple stakeholders.

MSMEs will be able to use a full-stack ecommerce platform that allows them to have their own digital store fronts, access a range of products, optimise their inventory, digitise their payments, generate goods and services tax compliant invoices, and reconcile their accounts. Small businesses on SOLV’s platform can also generate ‘SOLV score’, an alternative credit score, to establish their creditworthiness within the ecosystem.

SOLV currently operates in 20+ Indian towns and is set to expand to 200 towns in 2021. Beyond India, SOLV will be rolling out in Kenya, Ghana, and is also exploring other markets for expansion. SOLV’s open network financial service providers allows for invoice financing through a ‘buy-now-pay-later’ (BNPL) solution, growth capital through business loans, and an integrated supply chain finance programme to support small businesses.

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Keywords: Standard Chartered, product launch, SOLV, B2B, marketplace, SC Ventures, MSMEs, India, blockchain, AI, machine learning, invoices, BNPL, supply chain finance
Categories: Banking & Fintech
Countries: India
This article is part of category

Banking & Fintech