StanChart secures top position in trade finance

Standard Chartered has been ranked as number one for trade transaction volumes in Hong Kong, Singapore, and the United Arab Emirates (UAE) by Swift, the largest financial messaging provider for banking organisations and corporate customers. Swift based its judgment on an analysis of the trade transaction volumes it handled for the year ending September 30.

StanChart is in the lead for outbound letters of credit, and is continuing to increase its share of total market volumes. It is also iincreasing its business volumes in Hong Kong and India. The bank is gaining further market share in terms of inbound letters of credit (advising) in India and Singapore.

“The figures serve to underline Standard Chartered Bank’s position as the top Swift user in the world’s fastest growing markets,” comments Franck De Praetere, Swift head of South East Asia.

Tan Kah Chye, global head of trade finance at Standard Chartered, adds: “Our clients rely on the strength of our trade finance products and solutions and we are focused on ensuring we are there to provide them with the support and innovative products they need across Standard Chartered’s networks in Asia, Africa and the Middle East.”