Stanchart online banking clients to access 130 global currencies
The Standard Chartered Bank says online banking clients in Uganda will now access international trade currencies online following the institution’s introduction of 130 global currencies.
The bank has introduced 130 global currencies to its online banking clients in Zambia, Botwana and Uganda, a service which will enable its clients make currency payments for Africa-Asia and intra-Africa trade relationships faster and executed in a currency of choice.
According to a statement issued yesterday, the service cuts the clients’ costs in currency conversions and avoids the inherent risks associated with fluctuating currency rates.
“Through continuous innovation, Standard Chartered is bringing a choice of 130 global currencies to their online banking clients’ fingertips in Botswana, Zambia and Uganda, following the launch of enhanced online banking foreign exchange services through Straight2Bank.
“This added advantage lets clients access international trade currencies at a touch of a button within the bank’s secure online banking platform, Straight2Bank ultimately making currency payments for Africa-Asia and intra-Africa trade relationships faster and executed in a currency of choice,” the statement reads.
It says the expanded choice of trade currencies for the bank’s corporate clients can access instant foreign currency quotations within their secure corporate online banking portal.
It says the innovation of the product stemmed from the ongoing trade developments, such as Botswana’s trade with the European Union more than tripling from 2010 to 2011 and Chinese trade increasing five-fold between 2007 and 2011.
Zambia’s top trading partners are Switzerland, South Africa, China and the Democratic Republic of Congo, with trade volumes for developing Asia increasing 20-fold since 2004.
Similarly, Uganda has enjoyed trade growth with Chinese trade expanding from US$800,000 in 2002, to a total of US$43 million for 2011.
Commenting on the launch of the product, the bank’s head of transaction banking for Zambia Muyunda Munyinda said the corporate clients in Botswana, Zambia, Uganda as well as a number of other international markets in the bank’s footprint, will have immediate access to these product innovations, without incurring setup costs.
“It makes sense for us to bring the benefits of electronic enhancements directly to our clients, reaffirming our promise to be Here for Good, and Here for Progress. We look forward to extending this capability to our other African markets,” he said.
And Standard Chartered global head of corporate cash and trade product management Ashutosh Kumar said: “This value-added service that we have introduced to our clients is a demonstration of our commitment to enable the burgeoning trade flow between our clients in Africa and the rest of the world; supporting our clients in their drive to connect with their trading partners in any part of the world.”