Monday, July 22, 2024
HomeStartup NewsSingapore-Based Tasconnect Acquires Solv Malaysia And Solv Vietnam

Singapore-Based Tasconnect Acquires Solv Malaysia And Solv Vietnam

Software as a service supply chain fintech platform TASConnect, based in Singapore, has purchased the Malaysian branch of SOLV, an online business-to-business marketplace for micro, small, and medium-sized businesses, and is in the process of purchasing the Vietnamese branch.

They will expand its value chain financing capabilities in digital distribution and supplier financing solutions for corporate anchors in these important ASEAN regions, the announcement said, by utilizing the local sales teams of SOLV Malaysia and SOLV Vietnam.

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“The synergy values to anchor clients of combining the SaaS enterprise-grade value chain solutions of TASConnect with the deep-tier offerings of the SOLVs are powerful, SC Ventures, as a common shareholder, helped identify the potential to leverage the emerging SOLV ventures in Malaysia and Vietnam to accelerate our geographic expansion into the two countries,” said Kingshuk Ghoshal, Co-founder and Chief Executive Officer, TASConnect.

In Malaysia, more than 418,000 small and medium-sized businesses (SMEs) are still mainly unaffected by technology, and in Vietnam, more than 60% of the 790,000 MSME ecosystems have unfulfilled funding needs.

The purchase will help small and medium-sized businesses (SMEs), financing partners, and multinational corporate anchor ecosystems by offering end-to-end supply chain financing solutions through TASConnect and the SOLVs.

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According to the statement, the acquisition shows how businesses in the SC Ventures ecosystem may take advantage of chances to grow by utilizing one another’s advantages.

Enterprise anchors can increase the size and reach of their supply chain financing with the aid of TASConnect’s platform-as-a-service services without having to make significant capital investments in IT or human resources.

“At SC Ventures, we provide our businesses the advantage of leveraging each other’s strengths to bolster their offerings,We are confident that the coming together of these companies will offer a differentiated proposition in supply chain financing tech offerings for clients in Malaysia and Vietnam,” said Gautam Jain, member, SC Ventures and Board Chairman, TASConnect.

About Tasconnect

TASConnect is a software as a service platform for working capital solutions that links intricate organizational ecosystems to provide economic benefit with visibility and management.

About Solv Malaysia

 SOLV is a B2B marketplace. The SOLV platform eases users’ access to business and financial services through a single, seamless digital experience while facilitating trade in a reliable environment.

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