SC Ventures, the fintech investment and incubation division of Standard Chartered, has reportedly launched Labamu, which is described as an invoicing and billing platform for SMEs that are based in the APAC region.
Starting in Indonesia, Labamu will reportedly provide SMEs with digital billing, catalogue, stock and material management, along with customer relationship management and reporting services.
Financial services support comes in the form of embedded banking accounts, with plans to add procurement as well as working capital financing to the platform.
Emmanuel Van De Geer, CEO of Labamu, said:
“The platform stands out because we seamlessly integrate financial services into our platform. Merchants using Labamu can get invoice and bill payments directly deposited to their bank accounts.”
The platform is being supported via a series of workshops offering business management advice as well as expert guidance, so far training more than 7500 business owners.
These types of programs are vital for supporting smaller businesses that are the driving forces of global economies. This year, we can expect more financial institutions and related service providers to support small and medium-sized businesses by providing professional training as well as resources needed to enhance operations.
Alex Manson, CEO, 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.”
SC Ventures says that it is rewiring the DNA in Banking.
SC Ventures is a business unit that provides the platform as well as catalyst for Standard Chartered to promote innovation, “invest in disruptive financial technology and explore alternative business models.”
They aim to facilitate innovation as well as culture change within the Bank & ecosystem partner.
They reportedly invest in “validated” fintech in order to develop future tech capabilities.
They aim to create new business models as independent business ventures.
