ADB, StanChart sign supply chain financing deal

Thursday 9 January 2014 08:17 CET | News

Financial services provider Asian Development Bank (ADB) has signed an agreement with Indian financial institution Standard Chartered (StanChart) to support supply chain financing in Asia, the first partnership of its kind under ADB’s recently launched supply chain finance (SCF) program.

Under the agreement, ADB and Standard Chartered are set to share the risk in the transactions. This will in turn support the development of intra-Asia supply chains as well as supply chains between Asia and other regions of the world.

The agreement is expected to finance approximately USD 800 million in supply chain transactions, most of which is set to be directed through small and medium-sized enterprises (SMEs) that are supplying companies with materials for intermediate and final production, as well as retail sales.

Backed by its AAA credit rating, ADBs SCF program complements its trade finance programme (TFP).

In recent news, Standard Chartered has launched Straight2Bank Mobile Wallet, a mobile payment service for corporate clients in Kenya, in partnership with mobile network operator Safaricom’s M-PESA wallets.

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Keywords: ADB, StanChart, Asian Development Bank, Standard Chartered, supply chain finance, SCF, trade finance, Asia, India
Categories: Banking & Fintech
Countries: World
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Banking & Fintech

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