This is an end-to-end trade facilitation service that is already live in Hong Kong.
'Trade deals can be completed through the messaging system on the B2BX which ultimately will replace all the paper documents required to facilitate trade. The paper system is several hundred years' old and the B2BX will replace it entirely.
'Say a US firm buys widgets from China, and both firms are hooked into the B2BX system. They can meet each other with a web camera and place an order with an order form that can be instantly confirmed. Then an invoice is raised, a container shipment booked, insurance arranged, and banking lines opened. This will eventually replace documentary trade. It is a true revolution'.
This is a pretty impressive demonstration of the kind of international innovation that a foreign bank like Standard Chartered can bring to the UAE, although Mr. Duff likes to style his operation as 'a local bank with international connections'.
In the future, he predicts a further consolidation in the UAE banking market with a big role for Standard Chartered's 11 branches in the country. It is not hard to see that the arrival of mortgages, new capital markets and the Internet offer some definite opportunities to take advantage of 'international connections' and that Mr. Duff intends to keep his bank at the front of developments.
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Andrew Duff (page 2 of 2)
- United Arab Emirates: Thursday, July 11 - 2002 at 12:37
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Peter J. CooperThursday, July 11 - 2002 at 12:37 UAE local time (GMT+4)
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This article was updated on Wed Mar 28 2007.
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