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Dhaka Tribune

Global Finance names SCB 'Best Trade Finance Provider' in BD

This award exemplifies Standard Chartered’s dedication to providing best-in-class trade finance products and services

Update : 08 May 2024, 06:28 PM

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.

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 modernization 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 recognize 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.”

“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,” she added.

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