BUSINESS

Stanbic Bank joins trend towards cashless banking

Vinod Madhavan (left), Group Head of Trade for Standard Bank and an unidentified official. Courtesy photo.



As the shift towards a cashless system by banks heats up, it appears no bank is taking any chances.

Days after Equity Bank and Standard Chartered Banks unveiled their mobile banking systems, Stanbic has also revealed the steps it is taking to go cashless.

Standard Bank, which owns Stanbic Bank has signed an agreement with CCRManager Pte Ltd, a global trade FinTech company, joining their global innovative electronic platform as a member bank.

“We are delighted to have joined CCRManager’s distribution platform, which offers an automated, fast and transparent platform for trade risk distribution and participation,” says Vinod Madhavan, Group Head of Trade for Standard Bank.

“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 CCRM, and is aligned with our desire to connect Africa to the world.”

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.

“CCRManager is delighted to have Standard Bank as its first African member bank,” said Kah Chye Tan, Chairman, CCRManager.

“Africa is a major trade partner for countries all over 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.”

Users 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.

In addition, CCRManager provides users with 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,” says Mr Madhavan.

“At Standard Bank, we recognise the potential of trade as a key driver for growth, especially in emerging and frontier markets.”

Equity Bank unveiled its mobile banking application, ‘Easy Banking App’. The application enables one to open up a bank account, and even carry out transactions without going to the bank.

Standard Chartered Bank announced this week that it had set aside Shs5.5trillion for technological innovations aimed at moving towards a cashless system.

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