Press Release: 11 October 2021, Singapore
Standard Chartered is partnering with Demica, a leading fintech specialising in working capital solutions, to transform access to the Bank’s supplier finance programmes, allowing easier enrolment for thousands of suppliers through an online portal while delivering a world-class experience for the Bank’s customers.
The partnership will commence with the rollout of a fully digitised end-to-end “Supplier Enrolment Portal”. This portal will change how suppliers enrol in supply chain finance programmes by using a digital front-end while providing the Bank’s enrolment team with intuitive dashboards for monitoring and sending updates to anchor companies.
The portal, which leverages Demica’s extensive supply chain finance product capabilities and flexible technology, will be delivered via Demica’s platform hosted on a cloud-based solution.
This is the first phase of a strategic partnership between the two organisations, as they continue to explore ways to use Demica’s next-generation technology to transform Standard Chartered’s wider catalogue of working capital solutions.
Commenting on the launch of the new portal, Michael Sugirin, Global Head of Open Account – Trade Product Management, Transaction Banking at Standard Chartered, said: “We’re very excited about this new partnership with Demica. We’ve seen a double-digit percentage increase in demand for our supplier finance programmes and the new portal will not only speed up the enrolment process for suppliers but also allow us to serve more companies as they engage in digital-first trade within and beyond borders.”
CEO of Demica, Matt Wreford, said: “This is the start of a tremendously exciting partnership between Standard Chartered and Demica as the bank adopts the Demica platform to transform working capital solutions, with the first phase being supplier onboarding. By using our cutting edge fintech solution, they are leading the way to drive innovation and operational efficiency in the supplier finance market. We can’t wait to see where Standard Chartered goes from here.”