Bangalore, 26 October 2023 – TASConnect, a Singapore-based working capital solutions Software-as-a-Service (SaaS) platform has launched in India to enhance international trade in the country. Through its SaaS offerings, TASConnect unlocks efficiencies and economics in working capital management by enhancing scalability, visibility, and cross-border connectivity for domestic and multi-national businesses globally. TASConnect is wholly owned and incubated through SC Ventures, Standard Chartered's innovation and venture capital arm.
According to India’s Ministry of Commerce & Industry, merchandise exports have reached the highest ever annual exports of US$447.46 billion with 6.03% growth during FY 2022-2023. Service exports are projected to set a new record annual value of US$322.72 billion, making India a pivotal market for TASConnect.
Over the next 12 months, the platform plans to expand its Global Technology Hub in Bangalore to develop solutions tailored to subsidiaries of Multinational Corporations (MNCs) and large domestic enterprises. The platform also plans to onboard additional foreign and domestic financial institutions and establish partnerships with key technology hyper-scalers.
TASConnect is focusing on key growth pillars within the Indian economy such as manufacturing, automotive, fast-moving consumer goods (FMCG), retail, healthcare, logistics and their respective sub-industries.
Convergence as a service
TASConnect builds convergent platforms for suppliers, buyers and financial institution ecosystems of enterprises by digitally bridging treasury organisations to their global value chains. With TASConnect, Indian enterprises can now seamlessly expand their procurement and exports to cross-border suppliers and buyers; access more working capital financing programmes; gain better visibility and control of their supply chain financial health; and achieve better cash conversion cycles.
Interoperability in our solution
TASConnect’s universal adapter solution enables the smooth integration of multiple front and back-end systems, connecting fragmented ecosystems – anchor clients, suppliers, buyers and financiers – which allows key decision makers to:
1. Seamlessly run multi-bank financing programs using a single interface
2. Democratise availability of working capital liquidity through better access to financing programs
3. Digitize and automate bespoke enterprise treasury workflows with enriched analytics and enhanced business & CFO insights
4. Co-create innovative ESG-linked solutions with enterprises to achieve Scope 1,2,3 and other Net-Zero commitments
MNCs and large domestic enterprises in India can unlock substantial value through digital transformations facilitated by SaaS platforms like TASConnect.
TASConnect achieved a record of processing US$19 billion in financed invoices within two years. With strategic clients like Lenovo, Syngenta and partnerships with technology providers such as NEC APAC, TASConnect aspires to facilitate growth in India's domestic and cross-border trade.
Kingshuk Ghoshal, CEO, TASConnect said “We are thrilled to support SMEs to embark on digital transformations in India's enterprise treasury and supply chain ecosystems. As the world's fifth-largest economy, India holds a pivotal role for TASConnect’s strategic vision, given our strong Asia footprint and focus. Our treasury automation and digital working capital solutions will empower enterprises to unleash greater efficiencies in managing their ecosystems along with enriched business intelligence through AI-led predictive analytics.”
Aditya Sharma, Head of Markets and Financial Institutions and Chief India Representative, TASConnect said “We are aligned with the Make in India initiative aimed at boosting domestic manufacturing and doubling exports to US$1.5 trillion, contributing to the overall US$5 trillion GDP. With scalable solutions from our platform and facilitation of deeper integration with global trade, our goal is to rank amongst the top three working capital finance platforms for cross-border trade in India. We are committed to India and have established our Global Technology Hub in the country along with making substantial investments in technology, talent, and infrastructure. TASConnect is here for the long term and excited to be a part of India's remarkable growth story.”
Headquartered in Singapore, TASConnect is a wholly owned subsidiary of SC Ventures Holdings Limited and incubated through SC Ventures – Standard Chartered’s innovation, fintech investment and ventures arm. We are a leading working capital solutions platform connecting complex enterprise ecosystems to deliver economic value with end-to-end visibility and control. We are firm believers in the principles of co-creation and collaboration with our clients.
SOURCE: Press Release