For outbound Letters of Credit (Issuance), Standard Chartered continues to grow its share of total market volumes. Swift's most recent analysis also indicates the Bank is increasing its trade transaction volumes in Hong Kong and India. In terms of Inbound Letters of Credit (Advising), Standard Chartered has also gained market share in India and Singapore.
"These figures serve to underline Standard Chartered Bank's position as the top Swift user in the world's fastest growing markets," said Franck De Praetere, Swift Head of South East Asia.
Jackie Keogh, Head of Global Transaction Banks and Supply Chain, Swift, added, "Standard Chartered Bank is also leading in the open account space as an early adopter of the SwiftNet Trade Services Utility. They are guiding the industry's strategic direction in trade and supply chain with senior representation in the Swift Trade Services Advisory Group and the Standards Advisory Council."
Shayne Nelson, Regional CEO of Standard Chartered for MENA, said:
"We are pleased that our commitment to our clients and our core markets has enabled us to grow our leadership position in this key business. Our clients rely on the strength of our trade finance products and solutions, and we are focused on ensuring we are there to provide them with the support and innovative products they need to do business across Standard Chartered's network in Asia, Africa, and the Middle East."
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