TASConnect set to acquire SOLV Malaysia and SOLV Vietnam

By Gloria Mathias

TASConnect, a SaaS supply chain FinTech platform, has acquired the Malaysian subsidiary of SOLV, a B2B online marketplace for MSMEs, and is in the process of acquiring the subsidiary in Vietnam.

The terms of the acquisition were undisclosed and are subject to regulatory approval. TASConnect will leverage SOLV Malaysia and SOLV Vietnam’s local sales teams to deepen its value chain financing offerings in digital distribution and supplier financing solutions for enterprise anchors in these key ASEAN markets. Both TASConnect and SOLVs were incubated by SC Ventures, Standard Chartered’s innovation, FinTech investment and ventures arm.

“The synergy values to anchor clients by 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 CEO of TASConnect.

The acquisition will benefit both TASConnect and the SOLVs, which will provide end-to-end supply chain financing solutions to multinational corporations, anchor ecosystems, SMEs, and financing partners. The acquisition is an example of how companies within SC Ventures’ ecosystem can seize opportunities to build scale by leveraging each other’s strengths.

TASConnect’s platform-as-a-service offerings help enterprise anchors expand the scale and scope of supply chain financing without incurring high capital expenditures on IT or human resources. Post-acquisition, SOLV Malaysia will be rebranded as TASConnect Malaysia. Branding for SOLV Vietnam is under review.

“It’s a win-win for SOLV Malaysia and TASConnect,” said Wendy Ang, CEO of SOLV Malaysia. “SOLV Malaysia was just emerging and building out the platform; now, with the acquisition, we can leverage TASConnect’s platform to offer multiple value chain solutions to our anchor clients.”

“At SC Ventures, we provide our businesses with 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 of SC Ventures and Board Chairman, TASConnect.”