StanChart named as Best Trade Finance Provider in Bangladesh

Global Finance, a leading international finance magazine, has named Standard Chartered as the Best Trade Finance Provider of Bangladesh in 2021.

Standard Chartered was recognised for its role in leading the trade finance space in Bangladesh with pioneering transactions and world-class services delivered through its unique global network, said a press release.

The publication announced the World’s Best Trade Finance Providers of 102 countries in total for 2021.

The magazine’s editorial review board selected the best trade finance providers based on entries from banks and other financial service providers, as well as input from industry analysts, corporate executives and technology experts.

Criteria for choosing the winners included: transaction volume, scope of global coverage, customer service, competitive pricing and innovative technologies.

Naser Ezaz Bijoy, the chief executive officer of Standard Chartered Bangladesh, said, “I am happy to be receiving the Best Trade Finance Provider award for the second consecutive year from Global Finance.

“First and foremost, I would like to thank our clients, regulators and stakeholders for giving us the opportunity to remain their most trusted partner in progress. The last two years have been a test of our collective resilience and we have put in an all-out effort to stand by our clients and the greater community during these trying times. This award is really a reflection of this commitment,” he added.

Standard Chartered remains the leading international bank in facilitating global trade for Bangladesh.

It offers a comprehensive proposition across the trade ecosystem, and has delivered a number of firsts and unique offerings in Bangladesh in recent times including: first bank to issue LC on Blockchain in 2020; first bank to execute a Sustainable Trade Financing deal in the country in 2021; only global bank that offers paperless, fully automated Distributor Financing; promoting digitisation through introduction of Digital Trade Counter for the first time in Bangladesh in 2021; and first bank to execute trade transaction using alternate Risk Free Rate in place of LIBOR in 2021.

Global Finance is a widely read magazine with a circulation of 50,000 and readers in 193 countries. Global Finance’s audience includes senior corporate and financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions.

Global Finance 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.

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, as well as power generation financing and SME lending by foreign banks.

At the same time, the bank commands a leading position in the retail finance space, with strong share of card spend, consistently growing internet banking users and the launch of a number of innovative products.