Standard Chartered facilitates nation’s first Letter of Credit application
Standard Chartered Bangladesh has provided Genesis Fashions Limited, a leading ready-made garments manufacturer and sister concern of the M&J Group, with the resources needed to submit trade applications via Host-to-Host (H2H) Connectivity. This digital
trade solution directly links the organisation’s Enterprise Resource Planning (ERP) platform to Standard Chartered’s transaction processing system. This connectivity enables Genesis Fashions Limited to directly apply for Letters of Credit and other trade products from their own ERP system – eliminating any duplication of work and thereby adding efficiency to the trade process.
The Bank’s Host-to-Host solution provides clients with an entirely paperless service that empowers them to minimise their carbon footprint while conducting trade processes with greater speed and efficiency. At present, clients must manually complete individual forms to apply for a Letter of Credit (LC).
The Bank’s digital H2H channel eliminates this step by creating a seamless digital link between Standard Chartered and the client. By launching digital solutions that save time and prioritise sustainability, the Bank is revolutionising Bangladesh’s LC application process.
The signing ceremony between the Bank and the Genesis Fashions Limited recently took place at Standard Chartered’s Head Office recently. Luthful Arefin Khan, Head of Transaction Banking, Standard Chartered Bangladesh, and Sheikh Mahfuzul Hoque, Chief Financial Officer, Genesis Fashions Limited, signed the agreement on behalf of their respective companies.
Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh, said, “Host-to-
Host connectivity for trade is a major milestone in the trade digitisation journey – one that Standard Chartered is leading in this market. This makes end-to-end trade transaction processing faster by seamlessly connecting the client with the Bank. Thus, I would like to congratulate Genesis Fashions Limited on becoming the first company in Bangladesh to forward a Letter of Credit application through this innovative channel. Our Bank is constantly introducing new capabilities to drive trade digitisation. I look forward to scaling up our Host-to-Host connectivity for trade, so that clients nationwide can enjoy its benefits.”
Munir Ahmed, Director, Genesis Fashions Limited, said, “Genesis Fashions Limited and the
M&J Group like to be in sync with the latest trends in digitisation and innovation. Be it on our production floor, our operations processes, our designs, or our banking practices – we always likevto introduce new concepts. We are very proud to be the first to complete a trade based H2H transaction in Bangladesh with the support of Standard Chartered. This solution greatly simplifies our procurement process and reduces our workload. The process of applying for a Letter of Credit has become faster, more efficient, and paperless. I would like to congratulate and thank Standard Chartered for introducing this new concept to Bangladesh. This will greatly benefit all importers and exporters because each trade transaction is time critical.”
With over 118 years of uninterrupted presence in the nation, Standard Chartered Bangladesh is the only multinational universal bank in Bangladesh. The Bank’s commitment to service excellence –to ensure efficiency and accuracy across all daily cash, trade, and working capital operations –continues to be a driving force. Currently, Standard Chartered brings a wide range of digital offerings, state-of-the-art products, and bespoke solutions to the table to support clients and their evolving needs.
