SC Ventures, the venture capital investment arm of UK multinational bank Standard Chartered, has been upping its activity across Asia in recent months.
Most recently, the company launched Labamu, a fintech which focuses on delivering a ‘quote-to-cash’ solution for easy revenue billing to SMEs in the APAC region.
Labamu will initially target ‘micro and small businesses’ in Indonesia, where the company is headquartered. Its offering encompasses sales support, stock management and embedded banking, among other services.
Quoted by Fintech Singapore, Alex Manson, CEO of SC Ventures, said: “SMEs are still suffering from lack of access. During incubation we could already see Labamu’s potential — the platform earned the trust of over 80,000 small business owners.
“We congratulate Labamu on their launch as they embark on their journey to empower SMEs.”
In addition to the above-mentioned activities, Labamu will also focus on diversity and inclusion. SC Ventures explained in a recent LinkedIn post that the firm will work alongside Standard Chartered’s Women in Entrepreneurship Programme (WIN).
This seeks to offer “critical resources to MSMEs, including education on business fundamentals and targeted support for women-led enterprises,” SC Ventures explained.
The post continued: “Equipping MSMEs with business management skills helps them grow sustainably, strengthening their role in the supply chain and positioning them to seize new financing opportunities.”
Labamu’s launch comes shortly after SC Ventures announced that it had partnered with 7X, a transportation, logistics, supply chain and storage company based in Dubai, UAE – a country where Standard Chartered, along with other major multinational banks and fintechs, has been targeting an enhanced presence.
The arrangement will also focus on SMEs, but in the Middle East and North Africa (MENA) region.
SC Ventures’ LinkedIn post, shared by Manson, detailed: “The Middle East and North Africa region is bursting with potential for small and medium businesses, and we along with 7X are proud to champion their growth.
“By addressing unique challenges faced by SMEs (such as access to funding and operational inefficiencies); facilitating cross-border trade; and empowering businesses to scale safely and profitably, this partnership will unlock new horizons for SMEs in MENA and beyond.”
