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Standard Chartered Bangladesh launches 'digital trade counter'

  • News Desk,
    Published: 2021-11-24 21:45:32 BdST


Standard Chartered Bangladesh has launched Bangladesh’s first 'digital trade counter', an online 'drop-off' counter where clients can submit trade transaction applications and related documents.

The innovative, secure and self-reliant platform is low on documentation and high on data security, the bank said in a statement on Wednesday.

Through this facility, corporate clients can access a paperless, simpler, smarter application and management flow.

“Digitising trade is a critical lever to accelerate economic development and improve productivity," said Naser Ezaz Bijoy, chief executive officer of Standard Chartered Bangladesh.

"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, Gamini De Silva, chief financial officer of Univogue Garments Co Ltd said, “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.”

Clients can upload their instructions to the bank through this counter from anywhere in the world.

The data on the hardcopy forms uploaded on this counter automatically flows into the bank’s system and gets registered.

There is no “waiting time” for registering 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 give 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.

It is part of the bank's initiative to promote trade digitisation in the banking industry and enhance the trade experience for its clients.