First African bank to sign up as member of web-based digital trade network
The growing need for secure, reliable trade finance in the global sphere has prompted the Standard Bank Group, based in Johannesburg, to join the digital trading platform of fintech provider, CCRManager.
Late last week, Standard Bank signed an agreement with CCRManager Pte Ltd to become Africa’s first bank to start using the electronic trade network as a member.
“As the first African bank to have joined this network, this presents us with many opportunities, including being able to show African trade risk to international banks that are members of CCRManager. It is aligned with our desire to connect Africa to the world,” said the bank’s Group Head of Trade, Mr Vinod Madhavan.
“CCRManager is delighted to have Standard Bank as its first African member bank,” said Mr Kah Chye Tan, the Chairman of CCRManager. “Africa is a major trade partner for countries all over the world and trade finance has played an important role in promoting African imports and exports for many decades. We are confident that CCRManager will help Standard Bank with its trade finance for its clients.”
CCRManager is a web-based platform that enables banks to manage the entire process of distributing trade finance internationally to other banks, credit insurers, and fund managers. Its distribution platform offers an automated, fast and transparent platform for trade risk distribution and participation.
Members of CCRManager are able to list trade assets and contingents for distribution, negotiate deals, and manage supporting documentation in a secure environment. Users also have access to tools for data analytics, market benchmarking, and pricing indices, providing users the ability to manage their portfolio, reporting, and compliance activities 24-hours a day.
“This partnership represents Standard Bank’s dedication to leverage world-leading digital platforms that help realise efficiencies in a globally competitive market place,” said Madhavan adding that they view trade as a key driver growth in emerging markets.
With a market capitalisation of N$246 billion at the end of 2016, the Standard Bank Groups largest shareholder is the Industrial and Commercial Bank of China (ICBC) with a 20,1% shareholding. The two banks share a strategic partnership that facilitates trade and deal flows between Africa, China and select emerging markets.
Caption: CCRManager Chairman, Mr Kah Chye Tan (left) with the Group Head of Trade at Standard Bank, Mr Vinod Madhavan shortly after the bank joined the digital trade platform as its newest and only African member.