As the financial landscape continues to evolve, investors are seeking new opportunities to grow their businesses and wealth. The foreign exchange (FX) market has emerged as a key area of interest for business owners and investors. Standard Chartered Vietnam, named “Best Retail Bank in Vietnam” and awarded the “Best Strategic Partnership” in Asia Trailblazer Awards 2023 by Retail Banker International, guides businesses through the risks and benefits.

Foreign exchange markets pose numerous challenges and opportunities for businesses and investors seeking to diversify their portfolios and maximize their earnings potential, and there is growing demand for trusted, reputable expertise; particularly for Foreign Direct Investment (FDI) and international investors.

Standard Chartered Vietnam’s wealth management products are specifically designed to help investors navigate the complexities of the FX market and maximize their returns with fair and competitive exchange rates. In addition to insurance and investment products, Standard Chartered provides a range of educational resources and support to help investors stay current and make informed decisions about their investments. The bank’s treasury specialists provide a source of valuable advice to clients on market movements and forecasts, helping investors stay ahead of the curve and take advantage of emerging trends in the market. Standard Chartered’s dedicated and experienced relationship managers will also provide clients with comprehensive guidance and support. The bank has seamless cross-border fund transfers facilitated by its extensive international network.

FX Forward – A Product Exclusively for Business Banking

Following published research papers— namely “ASEAN FX – Revising forecasts” issued by Standard Chartered Global Research on January 9th, 2023—the Bank forecasts FX volatility to remain elevated with a wider trading band. With the understanding that FX rate fluctuation will potentially have an adverse impact on businesses in managing their revenue and expenses, Standard Chartered has recently launched its FX Forward solution for Business Banking clients. The product reinforces the bank’s competitiveness and serves its clients, especially those in need of FDI support, by allowing businesses to secure a fixed exchange rate for future foreign-currency transactions in advance.

Harmander Mahal, Head of Consumer, Private and Business Banking for Vietnam and Asia Cluster Markets at Standard Chartered Bank said: “Our extensive international network, in-depth knowledge of the market, advanced advisory and product capabilities put us in a unique position to support our clients in realizing their growth ambitions. We commit to delivering the best banking solutions and services to our clients and to excellence in the industry.”

1st in Market Partnership Set to Launch Digital Financing for SMEs

With the rapidly developing financial service ecosystems in Vietnam, Standard Chartered has been investing significantly in people, technology, and digital and analytics capabilities, with a commitment to providing its clients with a seamless banking experience. The bank has recently announced the launch of its partnership with MISA Joint Stock Company. This first-in-market partnership offers unsecured invoice financing facilities to SMEs in Vietnam with a highly competitive interest rate and straight-through process.

Clients joining this program are local SMEs operating either in manufacturing, trade or service industries that require financing against e-invoices issued by them to meet their working capital requirement, which in turn supports their business growth. SMEs who have access to MISA Lending are now able to request an indicative loan amount with just two clicks on their computers and receive the approval-in-principle result within 30 mins.

Through explicit consent by clients for the use of their data to process loan applications, Standard Chartered uses multiple data points and digital underwriting to provide suitable credit limits to SMEs. The official onboarding will only take a few working days before SMEs are able to present the invoices for financing. Through the pilot phase, this breakthrough delivery has helped many SMEs access funds from Standard Chartered in a simple and convenient manner.

This partnership combines MISA’s pioneering application of cloud-based technologies to simplify and improve the efficiency of their clients’ processes, and Standard Chartered’s global expertise in business banking and financing capabilities to deliver significant value to their clients. Standard Chartered is realizing the bank’s commitment to financial inclusion and lifting participation through this partnership, by making financing more accessible to a wider population of SMEs in Vietnam, in a convenient and seamless manner.

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Tim Burrill
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