Business Report :
Standard Chartered was recently named the “Best Trade Finance Provider” in Bangladesh by Global Finance at the Best Trade Finance Provider Awards 2024.
This highly coveted award exemplifies Standard Chartered’s dedication to providing best-in-class trade finance products and services, reads a press release.
To clinch this title, the bank demonstrated excellence in transaction volume and handling; scope of global coverage; customer service; competitiveness; and leadership in sustainable finance and digital innovation.
Standard Chartered plays a key role in supporting Bangladesh’s economic growth by providing working capital in all critical sectors, such as energy, infrastructure, telecommunications, pharmaceuticals, manufacturing, and readymade garments. In Bangladesh, Standard Chartered is the largest international bank with the widest suite of trade and supply chain products.
Furthermore, the Bank boasts the most digital features of any financial institution in Bangladesh, with 11 trade products offered via digital channels. Standard Chartered is also the leading provider of sustainable trade products – indicating a vested interest in creating resiliency and providing greater transparency in supply chains.
Luthful Arefin Khan, head of Transaction Banking, Standard Chartered Bangladesh, said, “Being named the Best Trade Finance Provider in Bangladesh by Global Finance is a testament to Standard Chartered’s dedication to investing in technologies and tools that help to power the future of trade financing. In line with findings from the Bank’s Future of Trade 2023 report, we are continuing to drive trade by powering the diversification of industries and exports; helping our partners to embrace modernisation to increase productivity and efficiency; and promoting sustainable and circular economy initiatives across key sectors.”
Nashva Bint Hamid, area head, Corporate Finance, British American Tobacco Bangladesh, said, “We recognise that arranging low-cost financing for distributors, as well as effective management of suppliers is key to boosting our own sales growth and improved cash cycle efficiency. In this connection we entered a Buyer Finance Program for our distributors with Standard Chartered Bangladesh.” She added, “This has not only increased our process efficiency but also helped us and our distributors/suppliers manage cash flow better as suppliers are also getting payments early. This in turn has positively impacted our entire supply chain by providing better sync end to end.”
With over 119 years of uninterrupted presence in the nation, Standard Chartered Bangladesh is the only multinational universal bank in Bangladesh. The Bank’s commitment to service excellence – to ensure efficiency and accuracy across all daily cash, trade, and working capital operations – continues to be a driving force. Currently, Standard Chartered brings a wide range of digital offerings, state-of-the-art products, and bespoke solutions to the table to support clients and their evolving cash management needs. Standard Chartered’s commitment to support Bangladesh’s continued journey of prosperity saw the bank secure 30 major international awards in 2023.
Global Finance, founded in 1987, has a circulation of 50,000 and readers in 193 countries and territories. Global Finance’s audience includes senior corporate and financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions. It regularly selects 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.