Standard Chartered has appointed Tan Kah Chye as global head for trade finance. Tan reports to Karen Fawcett, group head of transaction banking and his appointment sits in line with the bank’s strategy to continue growing its trade business.
“The current trade dynamics play to our strengths as a leading bank in Asia, the Middle East and Africa,” says Fawcett. “Within Asia, trade surged from US$50bn in 1990 to over US$700bn last year, and China and India are expected to remain the key growth drivers globally. Trade between Asia and Africa has also been significant, driven by huge demand from Asia for commodity exports from Africa as well as African demand for manufactured goods from Asia. The opportunities are tremendous!”
Standard Chartered has built a track record as a leading trade banking services provider. In 2002, it launched B2BeX – an online supply chain solution for cross-border trade.
Tan’s appointment is part of an overall investment plan to support the continued growth of the bank’s trade business, including strengthening the transaction banking sales team and investment in technology.
Tan will spearhead the development of more value-added trade services, and these include e-Trade on Standard Chartered’s integrated online channel, which encompasses supply chain and working capital management solutions and foreign exchange solutions; development of trade corridors services linking Standard Chartered’s key markets in Asia, Africa and the Middle East; commodity trade finance and the bank’s traditional network trade solutions.
With 10 years experience in trade finance and product management, Tan has held senior positions in various international banks before joining Standard Chartered.
Based in Singapore, he takes over from Andrew James, who has moved to South Korea to head the commercial banking integration following Standard Chartered’s acquisition of Korea First Bank.