Stanbic Bank has joined a list of more than 40 financial institutions across 17 countries to list in a digital trade finance platform with an aim to distribute trade assets.
The bank has signed a memorandum of understanding with CCRManager- Singapore's digital trade finance platform that will assist it to a wider and global market.
Stanbic Regional head of trade John Kinyangi said the platfrom will allow them innovate at scale and deliver value to customers through cutting-edge solutions. He added that it represents the banks efforts to digitize the trade finance operations
“CCRManager can help Stanbic's import clients to obtain the most competitive pricing when done using import letters of credit. CCRManager will have a material positive impact on Kenya's businesses ranging from consumer goods to petroleum and commodities,” CCRManager, Tan Kah Chye said.
The signing was witnessed by Singapore’s deputy prime minister and coordinating minister for economic and social policies, Tharman Shanmugaratnam.