Standard Bank signs up for online trade finance platform
October 20— South Africa’s Standard Bank Group has signed an agreement with CCRManager Pte Limited, a global trade FinTech company, joining their global innovative electronic platform as a member bank.
CCRManager is a web-based platform that enables banks to manage the entire process of distributing trade finance internationally to other banks, credit insurers, and fund managers.
“We are delighted to have joined CCRManager’s distribution platform,which offers an automated, fast and transparent platform for trade risk distribution and participation,” Vinod Madhavan, Group Head of Trade for Standard Bank Group said this week.
He said, “As the first African bank to have joined this network, this presents us with many opportunities, including being able to show African trade risk to international banks that are members of CCRM, and is aligned with our desire to connect Africa to the world.”
Tan Kah Chye, the Chairman, CCRManager said, “CCRManager is delighted to have Standard Bank as its first African member bank. Africa is a major trade partner for countries all over and trade finance has played an important role in promoting African imports and exports for many decades. We are confident that CCRManager will help Standard Bank with its trade finance for its clients.”
Madhavan said, “This partnership represents Standard Bank’s dedication to leverage world-leading digital platforms that help realise efficiencies in a globally competitive market place. At Standard Bank, we recognise the potential of trade as a key driver for growth, especially in emerging and frontier markets.”