StanChart introduces digital trade counter in Bangladesh

Standard Chartered Bangladesh has launched Bangladesh's first digital trade counter where clients can submit trade transaction applications and related documents.

This innovative, secure and self-reliant platform is low on documentation and high on data security, said a press release.

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

Naser Ezaz Bijoy, chief executive officer, Standard Chartered Bangladesh said, “Digitising trade is a critical lever to accelerate economic development and improve productivity. In our mission to pioneer a frictionless banking experience, we have introduced yet another digital tool, the Digital Trade Counter.”

The clients can upload their instructions to the bank through this counter from anywhere in the world. The data on the hard copy forms uploaded on this counter automatically flows into the bank’s system and gets registered.

With no waiting time for registering the transaction. Its interactive platform 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 first client to use the Digital Trade Counter is Univogue Garments Co Ltd.

The company’s Chief Financial Officer Gamini De Silva said, “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.”

The Digital Trade Counter has other unique features that give the 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.

Standard Chartered has been a committed partner in progress to Bangladesh, facilitating major investments in power, energy, transportation and urban development. The bank accounted for a major share of all export and import financing, respectively, last year.