StanChart advances digitalisation of trade finance with two strategic partnerships

Standard Chartered has announced strategic partnerships with TradeIX and Infor to advance the digitalisation of trade finance. The two partnerships will enable clients and their ecosystems seamless access to the Bank’s full range of trade financing solutions...


Standard Chartered has announced strategic partnerships with TradeIX and Infor to advance the digitalisation of trade finance.

The two partnerships will enable clients and their ecosystems seamless access to the Bank’s full range of trade financing solutions.

Commenting on the partnerships, Farooq Siddiqi, Global Head, Trade, Transaction Banking, Standard Chartered said: “Digitalisation of trade and trade finance is integral to our strategy and by working together with leading fintechs we can create innovative solutions to better support the financing and information needs of our clients’ and their ecosystem of buyers and sellers.”

Standard Chartered worked with TradeIX Limited, a new trade industry fintech, to roll out the first open blockchain platform for trade finance, allowing corporates a more connected and secure way to finance trade receivables and manage credit risk more efficiently. The platform leverages blockchain technology and its API-driven system to automate the process for pre-and post-shipment financing and risk mitigation for buyers and sellers, with an added option of credit insurance as a funding tool.

Having completed the first transaction earlier this month for a global logistics company, the TradeIX platform enabled the Bank’s client to help its customers increase their payment terms whilst maintaining the company’s receivables at current terms. The financing was offered by Standard Chartered with credit risk mitigation by AIG.

The second partnership will see the Bank integrating with Infor’s GT Nexus Commerce Network to provide a working capital optimisation solution by leveraging digitized supply chain information in the cloud.

The integration with the GT Nexus Commerce Network will allow its existing ecosystem, of more than 28,000 buyers and suppliers, seamless access to Standard Chartered’s trade financing solutions, covering both pre-and post-shipment financing. By leveraging the connectivity and transactional data housed within the platform, the Bank will be able to offer tailored solutions to meet the various needs of buyers and sellers with the aim of reducing the trade finance gap globally.

Michael Vrontamitis, Head, Trade, Transaction Banking, Europe & Americas added: “As a leading international trade bank, we have been exploring various technologies to find better and more efficient ways to support our clients and the digitalisation of trade. The challenge and indeed the opportunity is to connect the digital islands currently existing through third-party platforms, and increase interoperability of these systems to provide our clients end-to-end financing solutions for their supply chains.”

Already working with other fintechs including Global Trade Corporation, EssDocs, Bolero and others to digitise documentary trade, the two new partnerships in the open account space will further the Bank’s efforts in advancing the digitalisation of trade across the industry.

About Infor

Infor builds business software for specific industries in the cloud. With 16,000 employees and over 90,000 customers in more than 170 countries, Infor software is designed for progress.

About the GT Nexus Commerce Network

GT Nexus is the world’s largest cloud-based, multi-enterprise commerce network for global trade and supply chain management. Over 28,000 businesses across industry verticals, including adidas Group, Caterpillar, Columbia Sportswear, DHL, Electrolux, Levi Strauss & Co., Nestlé, and Sears share GT Nexus as their standard, multi-enterprise collaboration platform. This enables all network participants to operate with a core, real-time, and always-on set of information across multiple supply chain functions. The platform helps customers optimise the flow of goods, funds and trade information, from the point of order, through final payment.

About TradeIX

TradeIX is rewiring the $8 trillion trade finance market with the TIX Platform, an open platform providing applications, technology tools, and core infrastructure for the trade finance ecosystem. The TIX Platform enables trade finance parties to more easily, flexibly and efficiently connect to the broader trade finance market, including suppliers, buyers, service providers, B2B networks, credit underwriters and financial institutions. The platform provides benefits to all trade finance parties through enhanced funding opportunities, lower cost and reduced risk.

Standard Chartered

We are a leading international banking group, with around 80,000 employees and a 150-year history in some of the world’s most dynamic markets. We bank the people and companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle East. Our heritage and values are expressed in our brand promise, Here for good.

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.


Source: Ghana/ClassFMonline.com/91.3FM



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