Standard Bank signs up for online trade finance platform

October 20, 2017 in Business, Finance, Financial Services, Trade & Industry by Editor

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.

Chye and Madhavan are both delighted Standard Bank Group is the first African bank to join the CCRManager platform for online trade finance worldwide.

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.”

Stanbic Bank Uganda (SBU) is a majority owned subsidiary of Stanbic Africa Holdings Limited, which is in turn owned by Standard Bank Group Limited based in South Africa. SBU is the biggest bank in Uganda.

Users of CCRManager are able to list trade assets and contingents for distribution, negotiate deals, and manage supporting documentation in a secure environment. They also have access to tools for data analytics, market benchmarking, and pricing indices. In addition, CCRManager provides users with the ability to manage their portfolio, reporting, and compliance activities 24-hours a day.

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.”