Page 40 - IBT December 2020

banking Nation
Builders
In 1948, Standard Chartered
Bank opened its first branch in
Chittagong. Following the
acquisition of Grindlays Bank in
2000, the bank acquired a legacy
that dates back to 1905. As the
longest established of all
financial institutions in the
country, operating for over 115
years , they have earned the
distinction of being an innovator
in the market with many firsts,
from becoming the first
international bank to extend
credit lines to independent
Bangladesh; opening the first
external letter of credit (LC) in
Bangladesh in 1972; introducing
the first ATM; launching the first
debit card, credit card,
international debit cards and the
first Shariah-compliant Credit
Card; the first 24-hour contact
A Bank N Online Banking Platform, and the
center; the first state-of-the-art
first cross border acquisition
finance. As the country continues
to Count to reel from the setbacks of the
pandemic, Standard Chartered
Bangladesh has poised itself as a
pillar of innovation and reliability
On as it continues to unveil a series
of firsts for their customers,
clients, communities and the
By Marjiya Baktyer Ahmed country.
A BEACON OF HOPE
Standard The COVID-19 challenge is both a marathon
Chartered Bank and a sprint – Standard Chartered is focused
proves K on enabling long-term economic recovery
resolution, while also addressing the immediate need to
determination save and sustain lives.
and innovation To meet the immediate, short-term challenges,
are key to Standard Chartered is working with
sustain through development sector partners to deliver aid and
the health essentials to the communities hit hard by the
crisis pandemic and supporting frontline health
services. They are also helping businesses
weather the storm. Even before the regulatory
38
payment holiday was announced, 100-bed treatment facility setup in LEADING THE WAY was completed digitally through include innovative supply chain closely with areas where they hav
Standard Chartered announced a Chittagong by Bidyanondo Contour’s network. finance solutions, expanding business expertise such as trade,
broad range of support measures Foundation. FORWARD • In partnership with bKash and tailormade digital solutions for the infrastructure, energy and access
for its retail customers and The bank also supported an After the pandemic is over, the Valyou, Malaysia’s leading bank’s corporate and institutional finance. The bank is committed to
businesses, including loan assistance programme targeting world, as well as the banking digital remittance provider, the clients, and strengthening its digital using their core business of bank
repayment holidays, fee waivers semi-urban and rural communities industry, will likely be different. bank announced the launch of retail offerings. to promote social and economic
or cancellations and loan through partnership with Kumidini Banks have to be nimble, the first blockchain-based • Standard Chartered Bangladesh has development in the countries wher
extension facilities. In March Welfare Trust. The scheme delivered accelerate digitalization and bring cross-border remittance service gone live with the first API Banking they operate. They provide produc
in innovations so that clients can
2020, the Group initiated a US$1 essential items to 9000 distressed in Bangladesh, facilitating (Application Programming Interface) and services to individuals and
billion global financing program families in Mirzapur, Tangail, avail services on their own. More instant transfers from Malaysia. client. Through API Banking the companies to drive local, regiona
than half of Standard Chartered
for companies that provide goods supporting 45,000 individuals with The service is powered by bank’s clients’ digital platform will and global economic development
and services to help the fight 1,350,000 meals. There was another Bangladesh's retail customers are innovative blockchain be able to interact directly with the and job creation.
already transacting online. The
against COVID-19. Specific partnership with Bidyanondo technology from Ant Group Co., bank’s systems, without the need From 2000-2015, Standard
measures in Bangladesh include: Foundation through which 50,000 percentage is even higher in the Ltd. (“Ant Group”). Through this for additional investments. Chartered drew upon the prioritie
Small & Medium
case of corporate banking segment.
individuals from 10,000 distressed service, the Bangladeshi Customers will now have powerful the MDGs to inform their
Enterprise/Business Banking families were supported with The pandemic has induced a diaspora in Malaysia can send set of banking tools at their beck sustainability and community
change in behaviour among all
Clients: Three-month payment 2,100,000 meals and essential wage remittance via Valyou to a and call, ready to deliver at a strategies. Similarly, they are
holiday for business-owners, supplies for two weeks. categories of end-users, be it beneficiary in Bangladesh who moment’s notice. drawing upon the priorities set o
individuals and corporates, in
Extension of Trade Facilities of up The bank has partnered with is a bKash wallet user. The • They onboarded their first S2B Pay in the SDGs as they refresh their
to 60 days for Business Banking Obhizatrik Foundation to distribute terms of how digital channels are service was developed based on client, a complete digital collections sustainability and community
viewed. While greater use of online
Working Capital clients, fresh food packages consisting of collaboration among Standard solution. S2B Pay is an agile investment strategies. To support
Temporary overdraft or organic fruits and vegetables to payments and online services came Chartered, Ant Group, bKash one-stop payment platform enabling the global launch of the SDGs in
as a necessity during the lockdown
incremental short-term liquidity serve the immediate needs of and Valyou to cater to the customers to complete their September 2015, they were a part
facility, Limits Top Up for Loan distressed communities in Dhaka period, these changes in behaviour Bangladeshi diaspora based in collections through various online the Global Goals campaign
will likely not reverse.
against Property Clients and Chittagong. The produce is Malaysia. The service will and digital channels including supported by the UN and led by an
Corporate clients: Payment sourced directly from 200 rural streamline the remittance webstores, mobile apps, QR codes external organization, Project
holidays for 30 days. Additional smallholder firms, sustaining INNOVATING process, radically improving the and email links. Clients will no Everyone, to raise awareness of t
need-based payment flexibilities employment for around 2000 WITH CHANGING speed of delivery, improving longer require multiple technical SDGs.
were offered to the bank’s workers. TIMES information security and connections, open multiple accounts, Building the financial capability
corporate clients Depressed economic activity as a enhancing transparency of the negotiate multiple contracts or the youth, micro and small
undertake due diligence on multiple
process.
Waiver of penal interest and
entrepreneurs in the ecosystem is
result of the pandemic continues to
late payment charges for the put distressed communities in a partners, resulting in operational one of the key areas of focus in
bank’s community engagement
efficiencies and cost savings, in
twin jeopardy, where they have to
eligible clients
Waiver of Credit Card late
face the threat of a pandemic while
strategy. Enabling entrepreneurs
addition to the general efficiencies of
payment fee support, supporting life-saving communication of protection their livelihoods remain uncertain. Enabling key pillars of Supporting the nation’s a fully automated solution. working towards SDGs also aligns
their goal of working collaborati
Informal and casually employed
Thought leadership: SME Credit
Bangladesh’s economy –
to achieve sustainability goals.
Guarantee Scheme proposed to
workers are particularly vulnerable.
measures, provision of personal
medical services, supporting the
exports and remittance –
journey towards a
Through this partnership, the bank
The bank’s community initiatives
government
protection equipment (PPE) for staff
healthcare workers fighting on
In order to provide sustainable the frontlines and supporting and volunteers, and the distribution of hopes to build a sustainable linkage with pioneering cash-less society by Supporting the RMG sector major UK-based retailers with currently focus on employability,
blockchain solutions
building a
support to the SME sector, the
education and entrepreneurship.
between vulnerable individuals with
food and care packages for those
longer-term recovery through
comprehensive digital
extensive supply-chain presence in
No two sectors have contributed
Over the last two decades, Standa
bank actively advocated the
diminished purchasing power and
impacted by COVID-19.
education and reskilling
clients
Documentary Collections and
story of Bangladesh as have RMG
introduction of a Credit Guarantee initiatives. They worked with BRAC, the world’s smallholder farmers facing a dearth more to the inspirational growth ecosystem for the bank’s with innovative Asia, involved a combination of Chartered has delivered programm
Scheme for the central bank. The
that focused on economic
of demand for their produce.
cross-border digital Supplier
largest NGO, to deliver support
Standard Chartered Bangladesh
scheme, which has now been has contributed BDT Tk 11.1 crore packages to 25,000 people from 5000 As the fight against COVID-19 exports and remittance. As both Standard Chartered has been a Financing (Vendor PrePay) Supplier Financing products, and empowerment of marginalized
introduced, will help the entire (USD 1.3 million) to UNICEF low-income families, residing in areas draws out, Standard Chartered these sectors grapple with the partner in the progress of platform their local suppliers, has already been communities; bridging th
banking sector to provide greater programmes that supported locked down to contain the COVID-19 Bangladesh is continuing to realities of the new normal, Bangladesh throughout its journey, The RMG sector is a critical engine of completed. gap; improving access to health,
support to SME sector, which remote education and child outbreak. The packages, containing leverage the power of partnerships harnessing the power of digital and the bank’s objectives have Bangladesh’s economy, contributing education, financial literacy;
represents almost two-thirds of protection measures, including staples and non-perishable food items to help communities rise above this technologies to aid their continued always been intrinsically aligned employment and earning vital foreign SUPPORTING AND supporting agricultural innovatio
growth has never been more vital.
with the growth priorities of the
promoting sports, arts and cultur
our GDP.
global humanitarian crisis.
alternative care arrangements and and hygiene products, were delivered Standard Chartered Bank has also • Standard Chartered Bangladesh nation. As Bangladesh continues currency for the burgeoning economy. SUSTAINING SDGS as drivers of positive social
family tracing services for to the doorsteps of the impacted successfully executed the Through the Vendor PrePay platform, This is an area where banks such as
CARING FOR children separated from their households. partnered with BRAC and Jaago country’s first trade blockchain its march towards middle-income the bank is helping domestic firms Standard Chartered can contribute. At transformation; raising aw
status, the country will need to
Foundation, to enable the bank’s
about climate change and
CUSTOMERS AND families due to COVID-19. The In partnership with Sajida Foundation, transaction by issuing a Letter seamlessly integrate with the digital Standard Chartered, they are able to
bank contributed Tk 2.5 crore the bank has supported a total of 260 credit card holders to donate of Credit (LC) for Viyellatex Ltd transition from a cash-based supply chains of global players. The support this development agenda and environment.
This is the story of Standard
society to a cashless one. Over the
directly through their respective
COMMUNITY (USD 300,000) to the Red Cross severely-affected COVID-19 patients for over the Contour blockchain Vendor Prepay Program is not only draw upon their deep networks and
The bank is currently focusing its for the provision of urgent two weeks or more for each patient at websites. Through this partnership, last year, the bank has launched a providing their suppliers with cheaper financial expertise to support the Chartered, a story that s
community support measures in medical support. Red Cross Narayanganj, which is a COVID-19 Standard Chartered Bangladesh will network. The solutions will help set of technological platforms that funding compared to local options aspirations of the SDGs and promote Bangladesh 115 years ago. Th
make LC transactions paperless,
four key areas: immediate supports activities such as the epicenter. 300 more critically-ill add 5% donation, on top of the will be able to serve the needs of available, but is also enabling clients sustainable economic development bank whose legacy is engra
assistance in the form of provision of primary and COVID-19 patients have been donation from the bank’s clients (up real-time, low-cost, faster and the cashless society of the near transition to more resource-efficient across their markets. very fabric of the nation, a bank
life-sustaining food and hygiene secondary health care, supported over three months at a to BDT 1000 per transaction). error-free. The entire transaction future. These bespoke solutions import models. Integration with two The priorities of the SDGs align can count on to be here for go