TASConnect, a Singapore-based working capital solutions Software-as-a-Service (SaaS) platform, has launched in India to enhance international trade. Its SaaS offerings aim to unlock efficiencies and economics in working capital management by improving global scalability, visibility, and cross-border connectivity for domestic and multinational businesses. The company 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 $447.46 billion with 6.03% growth during FY 2022-2023. Service exports are projected to set a yearly value of $322.72 billion, making India a pivotal market for TASConnect.
Kingshuk Ghoshal, CEO of TASConnect, said, "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 and enriched business intelligence through AI-led predictive analytics."
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 and large domestic enterprises.
The platform also plans to onboard additional foreign and domestic financial institutions and establish partnerships with key technology hyper-scalers. It focuses 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.
TASConnect builds convergent platforms for suppliers, buyers and financial institution ecosystems of enterprises by digitally bridging treasury organisations to their global value chains. Indian enterprises can leverage it to 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.
TASConnect has processed $19 billion in financed invoices within two years with strategic clients like Lenovo and Syngenta and has partnerships with technology providers like NEC APAC.
Aditya Sharma, head of markets and financial institutions and chief India representative at TASConnect, said that the company is aligned with the Make in India initiative aimed at boosting domestic manufacturing and doubling exports to $1.5 trillion, contributing to the overall $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 and made substantial investments in technology, talent, and infrastructure," he added.
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 run multi-bank financing programs using a single interface seamlessly.
They can also democratise the availability of working capital liquidity through better access to financing programmes and digitise and automate bespoke enterprise treasury workflows with enriched analytics and enhanced business and CFO insights. Moreover, companies can co-create innovative ESG-linked solutions with enterprises to achieve Scope 1,2,3 and other Net-Zero commitments.