- India is one of the bank's fastest-growing markets in the world, ranking among the top three SME
- Banking markets worldwide for Standard Chartered, as per Xie Wen, Global Head of SME Banking
- Standard Chartered's strategic emphasis on India's SME industry was stressed by Wen, noting its long-term growth potential
India has come to be one of the bank's top three markets internationally for SME banking, together with Hong Kong and Singapore. "India is not only a contributor to our global SME strategy but also one of its fastest-growing markets," says Xie Wen, the bank's Global Head of SME Banking.
Speaking to Moneycontrol in an interview, Xie defined the bank's areas of priority in India as innovation, inclusive finance, and a robust international network. The SME Banking business of Standard Chartered is present in 18 markets in Asia, Africa, and the Middle East and plays a key part in its Wealth and Retail Banking strategy.
Almost 70 percent of the bank's international and private banking customers are entrepreneurs, enabling it to cater to business as well as personal wealth needs—particularly since these customers are growing globally.
The bank has led the way in providing program-based lending to SMEs and continues its investments in digital platforms and alliances to drive access to affordable and effective banking products. It is also actively empowering women entrepreneurs through its SC Women International Network (SC WIN) initiative. Since its introduction in November 2022, the program has provided more than $350 million of financing to over 1,500 women-led businesses—70 percent of which are from India. The bank is planning to increase this figure to $1 billion by 2028.
India's growing SME industry, increased credit demand, and rising export activity offer substantial opportunities. With SMEs growing, there is also a growing requirement for wealth management, succession planning, and offshore banking services.
Standard Chartered is in a good position to meet these requirements, with its widespread presence in Asia and Africa. The bank is also using digital lending platforms and AI-driven credit assessment tools to enhance efficiency and customer experience.
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