Standard Chartered affirmed its position as one of the largest trade finance counter parties of the Asian Development Bank (ADB), winning the ‘Most Responsive Bank against COVID-19’ Award at the Trade and Supply Chain Finance Program Awards 2021. The Bank won the award for its partnership with ADB to finance the import of 15.4 million vaccine doses to effectively face the pandemic situation in Sri Lanka.
“Winning ‘Most Responsive Bank Against COVID-19’ is deeply personal to Standard Chartered. In a time that can only be termed chaotic, our people from all geographical locations pulled together to make a discernible difference in facing this unprecedented crisis. This award is a true testament of the spirit that defines the teams at Standard Chartered, as well as the teams at ADB who are involved in these transactions,” stated Bingumal Thewarathanthri, Chief Executive Officer, Standard Chartered Sri Lanka.
ADB’s Trade and Supply Chain Finance Program (TSCFP) fills market gaps for trade finance by providing guarantees and loans to banks to support trade. TSCFP works with partner banks to provide companies with the financial support they need to engage in import and export activities in Asia’s most challenging markets.
Lakshan Goonetilleke, Head of Financial Institutions, Standard Chartered Sri Lanka commented, “Between June and August this year, Standard Chartered provided over USD137 million in financing to enable the import of over 15 million vaccines, which resulted in a big win for the country. In a period of global crisis, the Bank was able to pull off a coordinated effort with partners, the industry, and multiple teams, locally and overseas, to ensure necessary financing was made available for essential transactions. This quick response to the need of the country epitomises our purpose of being ‘here for good’.”
The Trade and Supply Chain Finance Program (TSCFP) Awards organised by the ADB recognises the outstanding contribution of TSCFP’s partner banks in boosting trade and supply chain finance in Asia and the Pacific, and is the most prestigious accolade in the banking and financial industry in Asia. This year’s awards considered transactions from July 1, 2020 to June 30, 2021 and will be presented to winners at a virtual awards ceremony scheduled to be held on September 29, 2021.