Standard Chartered Bank has scooped the 2022 Best Trade Finance Provider in Kenya award for its trade innovation in product capabilities and stellar focus on client-centricity. The bank was awarded for first-class services and products that aptly addressed key client challenges brought about by the pandemic.
The editorial review board of Global Finance selected the best trade finance providers based on entries from banks and other providers, as well as input from industry analysts, corporate executives, and technology experts. Criteria for choosing the winners included: transaction volumes, the scope of global coverage, customer service, competitive pricing, and innovative technologies.
Commenting on the awards, Makabelo Malumane, Head of Transaction Banking, Kenya & East Africa at Standard Chartered Bank said, “This award from a recognized Financial Industry player is a testament to the Trade and Working Capital capabilities that we offer our clients and the impact this has on their businesses and the underlying economy at large. Through innovative trade solutions coupled with a customer-centric approach, we have customized and structured our solutions to support our clients even during the height of the pandemic taking into consideration the various unique and sophisticated requirements that emerged during this period. We continue to be relentless in our efforts to support our clients as they re-ignite growth within their operations and as they focus on building long-term sustainable business models.”
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The bank continues to leverage its strong network capabilities to facilitate business and seamless transactions for clients’ cross-border payments, trade, investment, and development needs across Africa, Asia, and the Middle East. This is anchored by the digital strategy which saw their robust online banking platform Straight2Bank being upgraded to provide overall banking services including trade finance with best-in-class functionality and an overall improved user experience.
“In enhancing client experience and process simplification, we are leveraging our digital capabilities on our enhanced flagship Straight2Bank online banking platform to truly make Standard Chartered Bank easy to bank with,” added Ms. Makabelo.
Standard Chartered’s Trade and Working Capital offering and capabilities include, amongst others:
- Documentary and Flow Trade – Letters of Credit, Documentary Collections and Bonds & Guarantees
- Trade Loans – Receivables and Payables Financing
- Supply Chain Financing Solutions – Distributor and Supplier Finance
- Receivables Services
- Structured Trade Solutions
- Straight2Bank Nextgen for Trade – Our Online Banking Platform
The Bank’s innovative and practical approach to Supply Chain Finance under the banner of “Banking the Ecosystem” has also enabled the bank to support Small and Medium Enterprises clients with a full suite of Trade Finance propositions to meet their evolving business needs. The Bank caters to clients’ requirements ranging from Documentary and Flow Trade to Open Account Trade propositions, including Structured Trade Solutions. In line with the global focus on sustainability, the bank has also officially launched its Sustainable Trade framework which aims to accelerate their clients’ adoption of sustainable trade finance as a business enabler.
Global Finance was founded in 1987 and has a circulation of about 50,000 and readers in 193 countries. The Global Finance awards select the top performers among banks and other providers of financial services. These awards have become a trusted standard of excellence for the global financial community.
