Stanbic Bank’s trade finance going digital
Stanbic Bank Kenya has signed a memorandum of understanding with CCRManager, committing to work together on their digital trade finance platform that will not only boost efficiency in its operations but facilitate access to a wider, global market.
CCRManager is a Singapore based fintech that has developed aplatform that brings together financial services providers from across the world to list, originate and distribute trade assets. Stanbic Bank is set to join more than 40 global banks across 17 countries, insurers and funds that are already on the web-based, secondary market trade finance platform.
Speaking during a ceremony to sign the memorandum of understanding, the regional head of Trade at Stanbic Bank, John Kinyangi said: “We are excited to be joining this elite global community of trade financiers. It represents an important part of our efforts to digitise our trade finance operations as we drive Kenya’s growth through trade. This platform is a huge boost to our digital banking strategy since it allows us to innovate at scale and deliver value to our customers through cutting-edge solutions”.
The Chairman of CCRManager, Tan Kah Chye, said: “We are honoured to have Stanbic joining CCRManager and trailing blazing the adoption of digital technology. CCRManager can help Stanbic’s import clients to obtain the most competitive pricing when done using import letters of credit. CCRManager will have a material positive impact on Kenya’s businesses ranging from consumer goods to petroleum and commodities”.
The signing was witnessed by Singapore’s Deputy Prime Minister and Coordinating Minister for Economic and Social Policies, Tharman Shanmugaratnam.