Page 43 - IBT December 2020

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 have
Standard Chartered announced a Chittagong by Bidyanondo Contour’s network. finance solutions, expanding Through these business expertise such as trade,
broad range of support measures Foundation. FORWARD • In partnership with bKash and tailormade digital solutions for the solutions, clients infrastructure, energy and access to
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 will enjoy: 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 banking
repayment holidays, fee waivers semi-urban and rural communities industry, will likely be different. bank announced the launch of retail offerings. Increased efficiency – to promote social and economic
improved process for
or cancellations and loan through partnership with Kumidini Banks have to be nimble, the first blockchain-based • Standard Chartered Bangladesh has payments and development in the countries where
extension facilities. In March Welfare Trust. The scheme delivered accelerate digitalization and bring cross-border remittance service gone live with the first API Banking collections, contributing they operate. They provide products
2020, the Group initiated a US$1 essential items to 9000 distressed in innovations so that clients can in Bangladesh, facilitating (Application Programming Interface) to greater working 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 capital efficiency and companies to drive local, regional
faster release of
for companies that provide goods supporting 45,000 individuals with than half of Standard Chartered The service is powered by bank’s clients’ digital platform will services to customers 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.
against COVID-19. Specific partnership with Bidyanondo already transacting online. The technology from Ant Group Co., bank’s systems, without the need Seamless integration – 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. easy connection and Chartered drew upon the priorities of
exchange of data using
Small & Medium individuals from 10,000 distressed case of corporate banking segment. service, the Bangladeshi Customers will now have powerful a plug and play model 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 which reduces the need sustainability and community
Clients: Three-month payment 2,100,000 meals and essential change in behaviour among all wage remittance via Valyou to a and call, ready to deliver at a for complex integration 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. Improved visibility – drawing upon the priorities set out
Extension of Trade Facilities of up The bank has partnered with individuals and corporates, in is a bKash wallet user. The • They onboarded their first S2B Pay real time notification of 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 credits and debits in to sustainability and community
Working Capital clients, fresh food packages consisting of viewed. While greater use of online collaboration among Standard solution. S2B Pay is an agile the account 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 Better risk the global launch of the SDGs in
incremental short-term liquidity serve the immediate needs of as a necessity during the lockdown and Valyou to cater to the customers to complete their management and September 2015, they were a part of
facility, Limits Top Up for Loan distressed communities in Dhaka period, these changes in behaviour Bangladeshi diaspora based in collections through various online control – reduced the Global Goals campaign
against Property Clients and Chittagong. The produce is will likely not reverse. Malaysia. The service will and digital channels including manual reconciliation supported by the UN and led by an
and data aggregation
Corporate clients: Payment sourced directly from 200 rural streamline the remittance webstores, mobile apps, QR codes which leads to reduced external organization, Project
holidays for 30 days. Additional smallholder firms, sustaining INNOVATING process, radically improving the and email links. Clients will no error Everyone, to raise awareness of the
need-based payment flexibilities employment for around 2000 WITH CHANGING speed of delivery, improving longer require multiple technical Cost reduction – direct SDGs.
were offered to the bank’s workers. information security and connections, open multiple accounts, access to information Building the financial capability of
corporate clients Depressed economic activity as a TIMES enhancing transparency of the negotiate multiple contracts or eliminates redundant the youth, micro and small
Waiver of penal interest and result of the pandemic continues to process. undertake due diligence on multiple and complex ERP entrepreneurs in the ecosystem is
late payment charges for the put distressed communities in a partners, resulting in operational setups for the client one of the key areas of focus in the
eligible clients twin jeopardy, where they have to efficiencies and cost savings, in Optimised cash flows bank’s community engagement
Waiver of Credit Card late face the threat of a pandemic while addition to the general efficiencies of – reduce cash strategy. Enabling entrepreneurs
payment fee their livelihoods remain uncertain. a fully automated solution. conversion cycles with working towards SDGs also aligns to
Thought leadership: SME Credit support, supporting life-saving communication of protection Informal and casually employed Enabling key pillars of automated transaction their goal of working collaboratively
application and
Guarantee Scheme proposed to medical services, supporting the measures, provision of personal workers are particularly vulnerable. Bangladesh’s economy – Supporting the nation’s electronic invoicing to achieve sustainability goals.
government healthcare workers fighting on protection equipment (PPE) for staff Through this partnership, the bank exports and remittance – journey towards a The bank’s community initiatives
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 currently focus on employability,
support to the SME sector, the longer-term recovery through food and care packages for those between vulnerable individuals with blockchain solutions building a major UK-based retailers with education and entrepreneurship.
bank actively advocated the education and reskilling impacted by COVID-19. diminished purchasing power and No two sectors have contributed comprehensive digital Supporting the RMG sector extensive supply-chain presence in Over the last two decades, Standard
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 programmes
Scheme for the central bank. The Standard Chartered Bangladesh largest NGO, to deliver support of demand for their produce. story of Bangladesh as have RMG clients cross-border digital Supplier Documentary Collections and that focused on economic
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 the gender
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,
A BEACON OF HOPE 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;
The COVID-19 challenge is both a marathon 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 innovation;
and a sprint – Standard Chartered is focused our GDP. alternative care arrangements and and hygiene products, were delivered global humanitarian crisis. growth has never been more vital. with the growth priorities of the currency for the burgeoning economy. SUSTAINING SDGS promoting sports, arts and culture
on enabling long-term economic recovery family tracing services for to the doorsteps of the impacted Standard Chartered Bank has also • Standard Chartered Bangladesh nation. As Bangladesh continues Through the Vendor PrePay platform, This is an area where banks such as as drivers of positive social
while also addressing the immediate need to CARING FOR children separated from their households. partnered with BRAC and Jaago successfully executed the its march towards middle-income the bank is helping domestic firms Standard Chartered can contribute. At transformation; raising awareness
save and sustain lives. CUSTOMERS AND families due to COVID-19. The In partnership with Sajida Foundation, Foundation, to enable the bank’s country’s first trade blockchain status, the country will need to seamlessly integrate with the digital Standard Chartered, they are able to about climate change and
To meet the immediate, short-term challenges, bank contributed Tk 2.5 crore the bank has supported a total of 260 credit card holders to donate transaction by issuing a Letter transition from a cash-based supply chains of global players. The support this development agenda and environment.
Standard Chartered is working with COMMUNITY (USD 300,000) to the Red Cross severely-affected COVID-19 patients for directly through their respective of Credit (LC) for Viyellatex Ltd society to a cashless one. Over the Vendor Prepay Program is not only draw upon their deep networks and This is the story of Standard
development sector partners to deliver aid and The bank is currently focusing its for the provision of urgent two weeks or more for each patient at websites. Through this partnership, over the Contour blockchain last year, the bank has launched a providing their suppliers with cheaper financial expertise to support the Chartered, a story that started in
essentials to the communities hit hard by the 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. This is a
pandemic and supporting frontline health four key areas: immediate supports activities such as the epicenter. 300 more critically-ill add 5% donation, on top of the make LC transactions paperless, will be able to serve the needs of available, but is also enabling clients sustainable economic development bank whose legacy is engrained in the
services. They are also helping businesses 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 we
weather the storm. Even before the regulatory 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 good.

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