Standard Chartered and upSWOT, a leading US-based fintech platform that connects business applications (apps) for integrated data analysis, unveiled a firstof-its-kind initiative with a pilot in Singapore that will offer the Bank’s small- and medium-sized enterprises (SMEs) clients actionable insights and intelligent forecasting capabilities on a single digital platform.
Upon signing up for this pilot programme, Standard Chartered’s SME clients can connect the business apps that they use with upSWOT, for the fintech company to generate real-time insights
and dashboard analysis using the data aggregated. upSWOT can collect, integrate and reconcile banking transactions and business data from apps that provide services from accounting, ecommerce and marketing to customer relationship management.
This is the first business analytics solution made available to SMEs in Singapore that allows them to transform their own business data from various sources into easily digested data points. With improved visibility of their cash flow, inventory and return on investment, SMEs can make better business decisions including cash flow planning, marketing and sales tactic, and financing requirements such as working capital and credit lines.
Teresa Tah, General Manager of Business Banking Singapore, Standard Chartered, said, “As the preferred banking partner of our SME clients, Standard Chartered is committed to collaborating with industry partners and leveraging the power of digital to support their evolving needs. We continuously push boundaries to help our clients achieve their business goals in this deeply interconnected world Together we can help SMEs transform to be fit for tomorrow.”
Rebecca Licciardi, Head, Business Banking Partnerships and Digital Transformation, Standard Chartered, said, “Standard Chartered is deeply committed to supporting SMEs in our markets, and our initiative with upSWOT is a perfect example of the Bank providing beyond banking capabilities to our clients and proactively supporting their business growth. We will continue to extend to our SME clients innovative solutions that will help digitise their business.”
Dmitry Norenko, CEO, upSWOT, said, “Large companies across the globe are implementing modern data technologies. This pilot solution will enable small businesses to remain competitive vis-a-vis their larger peers and continue to deliver strong growth amid challenging circumstances. We are excited to work with Standard Chartered to support the incredibly vibrant SME sector, a key contributor to the economy.”
