Standard Chartered and UpSwot launch pilot for SME business analytics solution
Standard Chartered and US-based fintech UpSwot have launched a pilot initiative in Singapore designed to help the bank’s small and medium-sized enterprise (SME) customers.
Standard Chartered and UpSwot launch pilot in Singapore
Described by the firms as a “first-of-its-kind” initiative, the solution aims to provide Standard Chartered’s SME clients with data-driven insights and forecasting capabilities on a single digital platform.
Clients who sign up for the pilot programme will be able to connect their business apps with UpSwot, after which the fintech firm will aggregate data to generate real-time insights and dashboard analysis.
UpSwot says it can collect, integrate and reconcile banking transactions and business data from accounting, e-commerce, marketing and customer relationship management apps.
“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,” the two firms say.
“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 tactics and financing requirements such as working capital and credit lines.”
Dmitry Norenko, CEO of UpSwot, says the pilot will help small businesses “remain competitive vis-a-vis their larger peers and continue to deliver strong growth amid challenging circumstances”.
Founded in 2019 and based in North Carolina, UpSwot is a white-label embedded finance platform for online and mobile banking.
It helps SMEs connect their accounting, ERP, payroll, e-commerce, marketing, CRM and other apps with their banks to get accurate cashflow forecasts, actionable insights, credit score boosts and business valuation tools as part of their banking experience.
