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SCB launches country's first digital trade counter

November 25, 2021 00:00:00

Standard Chartered Bangladesh has launched the country's first Digital Trade Counter. This is an online "drop-off" counter, where clients can submit trade transaction applications and related documents. This innovative, secure and self-reliant platform is low on documentation and high on data security. Through this solution, corporate clients can access a paperless, simpler, smarter application and management flow, said a statement.

Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh said, "Digitising trade is a critical lever to accelerate economic development and improve productivity. In our mission to pioneer a frictionless banking experience, we have introduced yet another digital tool, the Digital Trade Counter. I am sure our clients will benefit from the seamless application process that this Digital Trade Counter will enable."

The first client to use the Digital Trade Counter is Univogue Garments Co Ltd. When asked to share their experience on the counter, Gamini De Silva, Chief Financial Officer, Univogue Garments Co Ltd commented, "We recently applied for issuance of two Shipping Guarantees on Standard Chartered's Digital Trade Counter. It was an exciting experience. The interface is very user friendly and easy to use. We were able to upload the needed documents and apply within minutes, saving much time that is otherwise needed to fill up an application form. Plus, we could also track the transaction flow from receiving the transaction at the Bank and execution of the transaction. This real time update about transactions is very helpful for us. We are very impressed with this new Digital Trade Counter that Standard Chartered has introduced and we are sure this will help us in our day to day trade flows."

The clients can upload their instructions to bank through this counter from anywhere in the world. The data on the hard copy forms uploaded on this counter, automatically flows into the bank's system and gets registered. There is no "waiting time" for registering of the transaction.

This is an interactive platform, that also informs the clients if any additional documents or information is required to complete the transaction and the clients can then respond to the Bank through this same channel.

The Digital Trade Counter has other unique features that gives the clients many conveniences including shorter turn-around time, real-time transaction tracking, one single page to complete the entire application and enhanced security with an audit trail to ensure full transparency. The system comes with easy on-boarding that allows more and more clients to get fast access to this counter.

This is another value addition by the bank to promote trade digitization in the banking industry and enhance the trade experience for Standard Chartered Bank's clients. With over 116 years of uninterrupted presence in Bangladesh, Standard Chartered is the only multinational universal bank in the country with a unique blend of deep-rooted local presence and capacity to capitalise on its global network and product coverage. The bank has been a committed partner in progress to Bangladesh, facilitating major investments in power, energy, transportation and urban development. The bank accounted for a major share of all export and import financing, respectively, last year.

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