HYDERABAD: Global player in commercial payments, American Express, plans to focus on SMEs and start-ups to drive growth in India. The US-based American Express, also referred to as Amex, serves 3.3 million businesses and more than 60 per cent of Fortune 500 companies globally. It has about 1.2 million card members and 10.2 per cent market share in India. Now, Amex is focusing on SMEs and start-ups in India as these enterprises are growing at a robust pace.
“Start-ups and SMEs in India have been growing and spending at much higher rate than big corporations and these enterprises have been scripting India’s success story. While these enterprises are coming up with excellent innovations and businesses, they need support in terms of streamlining their expenses and payments. Here is where American Express sees a huge opportunity for its expense management solutions in India.
We aim to work closely with these companies, offering customised solutions to identify expenditure trends and abnormal spending behaviour to drive compliance, frame finance policies and control expenses better. This will help companies in reducing costs and bringing in profitability to bottom line in the long run,” explained Saru Kaushal, VP & GM, Global Commercial Services, American Express Banking Corp India.
American Express would be targeting start-ups and companies with turnover as little as `1 crore per annum to companies in the mid-market segments with annual revenues running into hundreds of crores, as part of its new strategy. It aims to use data analytics to come up with customised solutions for businesses.