How partnering with a global bank can elevate your enterprise

From inward-looking business to a globally competitive powerhouse: How partnering with a global bank can elevate your enterprise.

You may never understand the weight attached to the bank your business runs on until you have to transact with an international entity.

One enterprise comes to mind. Just recently, the enterprise was seeking an import arrangement with a global manufacturer and during the negotiations, one question propped up: Who is your financial partner?

The enterprise has been banking with Standard Chartered, and when they mentioned the bank, that alone contributed immensely to the closing of the transaction. As we speak, that enterprise is the sole distributor of the manufacturer’s products in Kenya.

In the business world where decisions sometimes must be made fast, you can lose out on an opportunity because of your financial partner. Think of a far-flung market that will require you to use products like letters of credit, guarantees and the like. Having a global brand like Standard Chartered has seen medium enterprises close transactions promptly.

Successful business owners are continually looking for opportunities for their products and services across local, regional, and international markets. To effectively source and trade across borders, enterprises with a local presence now know the importance of having a relationship with a bank that has a global network.

As a testament to the competitive edge that we give enterprise clients, Standard Chartered has this year been recognised as the Best Trade Finance Provider in Kenya by the Global Finance Magazine.

 Below, I respond to some questions that often emerge when I engage enterprises on this topic.

How does Standard Chartered help a business spread to other markets?

With a presence in 53 markets in different countries across the globe, Standard Chartered has made it easy for businesses to access other markets.

Who is my link with the bank?

To ease doing business for our customers, we have a dedicated team of relationship managers and solution specialists with expertise in supporting our clients to achieve their business ambitions.

What if I need to transact or complete payments while away from the office?

The bank has made this possible through the award-winning Straight2Bank digital platform. Through it, businesses can undertake payments and transact from anywhere at the click of a button.

How do you help a business that seeks to tap into forex?

Businesses appreciate the strength and expertise of Standard Chartered in providing foreign currency solutions. Our forex dealers work closely with business clients TO meet their requirements. Our digital Straight2Bank platform also enables clients to perform forex transfers at their convenience.

What financing options does Standard Chartered have for enterprises?

Meeting increased production requirements to fulfil orders can translate to a borrowing need, and we work closely with our customers to provide the right mix of financing solutions to meet their specific working capital and loan requirements. This is done to support their growth ambitions in a sustainable manner. We are always available to guide entrepreneurs on what type of funding is right for their business.

Standard Chartered can also use the investments made by a business in various short-term and long-term products as collateral to provide working capital. That means that even if a business channels money towards a particular investment that may take a while to bring yields, the money is not just tied.

As an international bank in Kenya serving business clients, Standard Chartered is the number one in the market for local guarantees, advised both in volume and value. Imagine if, as a businessperson, you found an opportunity. You want to start importing a certain product into Kenya. The selling company tells you they need a guarantee that you are going to pay. They will only take a guarantee from an international bank or a brand that is known and because of that, they prefer Standard Chartered.

A good bank must be involved in wealth management. How is Standard Chartered positioned on that front?

Through our wealth management solutions, we are best placed to support business enterprises with their investment options in both the local and global markets. We support our business clients to take advantage of a range of investment opportunities including but not limited to fixed deposits, equities, bonds, and mutual funds. Regular detailed market reports help our clients make informed decisions in selecting their preferred investment options.

Sometimes, an investment decision can be in terms of expansion possibilities, which means moving over and beyond what the business is currently doing to invest into new lines of business, or such a move. Through our advisors, we guide enterprises on how their strategy can be realised through a raft of banking solutions.

In the same vein, we also have the personal banking side. Behind every business, there is a human being. These are people who need to make investments towards their retirement, to educate their children, among others. We cut across the business and the personal side, the key being investing right and doing so wisely.

A competitive bank also offers insurance. How does Standard Chartered handle this?

And because we look at business from a 360-degree perspective, one aspect we never overlook is insurance. Standard Chartered also offers businesses bancassurance options across a variety of general and life insurance covers. These are business insurance solutions to protect business owners and employees.

We make sure that our customers can ride any wave, because sometimes there is turbulence, and we are able to walk through this turbulence with our customers so that we support them to be successful in their business ambitions.

How can I reach out?

To experience banking that is good for your business, you can email us on [email protected]. You can also call us on +254 20 329 3900 or +254 703 093 900. Our branches countrywide are also ready to serve you.

By Jeremiah Kimutai, Head of Medium Enterprise Banking, Standard Chartered Kenya