Standard Chartered: SOLV launches credit card for MSMEs

B2B digital platform SOLV has rolled out a MSME segment focused Credit Card, in partnership with Standard Chartered Bank. Through the Credit Card, MSME clients would be able to meet business expenses such as supplier payments, fuel, logistics, purchase of raw material, utility payments and others working capital outlays whilst also using the SOLV platform to trade goods, the company said in a statement.

SOLV said the product was rolled out in line with the cashflow issues MSMEs were facing amidst the COVID-19 led slowdown, adding that the product was “unique in its timing and host of customisation that allows for short-term revolving credit availability for small businesses.”

MSME clients would not be charged with any joining fees whilst applying for hte Credit Card, which also provided users with cashback and reward features tailored for the use of businesses such as a 5% cashback on fuel transactions which would effectively make more than two litres of petrol free on a fuel spend of Rs. 4000 every month. “Additionally, micro & small businesses can strengthen their digital credibility, which is fast becoming a must-have for success in the current business environment,” said SOLV.