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The Asset Triple A are industry excellence awards given out every year to institutions that have outshone the competition in providing best-in-class treasury, risk management and working capital solutions to their customers. This award is a testament to the bank’s leadership position in cash management, structured trade finance and e-solutions in Vietnam.
Standard Chartered Bank (Vietnam) provides an extensive suite of cash management solutions to clients belonging to various industries.
Solutions are catered to responding to clients’ needs such as achieving efficiency in bank reconciliation by streamlining processes and merging collections and payment activities to one bank, timely visibility of payment status that is key to enabling client’s strategic objective of strengthening supply chain relationship with vendors and comprehensive collection reporting to enable client’s sales objectives as credit is released faster with complete payment information made available immediately. Structured trade finance solution is also an active offering of the bank that enables the clients to access working capital funding requirements to support payment obligations or have early access to funding.
In the awards category of Best eSolutions Bank, Standard Chartered Bank (Vietnam) won for the one-stop shop offering that streamlines processes for cash management, fund administration and custody services powered by Straight2Bank, a fully integrated electronic working capital platform which offers a full range of banking services tailored to meet clients’ needs, driving efficiency throughout their end-to-end working capital cycle both with Standard Chartered and with their trading partners. Straight2Bank guarantees comprehensive transacting and reporting across Cash Management, Trade Finance, Securities Services and Foreign Exchange.
Straight2Bank has a suite of electronic channels which gives clients complete flexibility to choose the right banking connectivity via the internet, dedicated computer connection or back-end system integration. It is built on open architecture compatible with leading industry standards for seamless integration and adoption such as SWIFTNET (MACUG, SCORE and TSU), SAP ERP via SAP XI, Oracle ERP via Oracle Adapter, and other enterprise resource planning systems.
Haroon Anwar, head of Transaction Banking, Standard Chartered Bank (Vietnam) said: “We are very honored to receive The Asset Triple A Transaction Banking Awards 2013 which underscores our position as a leader in providing banking services in Vietnam. This is the motivation for us to continue enhancing the quality service to meet the expectations of our clients”.
In Vietnam, Standard Chartered’s history can be traced back to 1904 when the bank opened its first branch in Saigon (now Ho Chi Minh City).
Following the official approval from the State Bank of Vietnam, effective August 1, 2009, Standard Chartered commenced operations in its locally incorporated entity – Standard Chartered Bank (Vietnam) Limited. Local Incorporation was an important milestone in Standard Chartered’s development in Vietnam.
Standard Chartered now has three branches and employs nearly 700 staff. The bank provides a full suite of Wholesale Banking products and services to corporates and financial institutions. It also has Consumer Banking to serve individuals and small and medium enterprises.