Standard Chartered is spreading the availability of some of its corporate financial services across Asia.
A press release Monday (April 15) said Standard Chartered is expanding its payments collection tool Straight2Bank Pay, as well as its corporate mobile banking app, to businesses in China, Hong Kong, India, Malaysia, Singapore and Vietnam. The bank said it plans to introduce these tools to more markets moving forward, including Kenya and Bangladesh.
Straight2Bank Pay allows businesses to accept payments across a range of channels, including mobile wallets, cards, bank transfers and QR Codes, with funds deposited directly into their accounts. Standard Chartered said the solution allows companies to work with a single collections provider regardless of payment technology.
Further, the bank is also rolling out its corporate mobile app in these markets connected to the Straight2Bank Pay solution, which enables companies to accept payments via QR Code straight from a phone. The app will first be available for download in Singapore, with additional markets ahead.
"The global eCommerce market is expected to account for around one-fifth of the total commerce market by 2021, with more than half of this market value drive by mobile payments," said Standard Chartered Global Head of Payments and Receivables, Cash and Transaction Banking Judy Bei in a statement. "As our corporate clients look to capitalize on this opportunity, we want to be their trusted partner in the growth journey, with this expansion of Straight2Bank Pay further supporting their need for a seamless digital collections experience."
In another statement, Standard Chartered Global Head of Transaction Banking Lisa Robins said the solutions support stronger cash flows as business customers expand their online presence.
Last year Standard Chartered strengthened its corporate financial services proposition by integrating with corporate software company Zoho to connect joint business customers to Zoho Books and Cloud Accounting solutions.