Standard Chartered Participates at SIBOS 2013 in Dubai
The impact of West to East shift in trade growth an overarching theme of client conversations
- Emerging markets trade corridors to constitute 40% of Global trade by 2030
- Working Capital efficiency increasing critical to treasury management in volatile markets
- The RMB is now a mainstream currency; trade settlement in RMB forecasted to grow to 28% in 2020, translating to settlement volumes of USD 3 tn in 2020.
- Technology a key enabler for greater working capital efficiency
UAE, 15 September, 2013 – Standard Chartered today held a press conference to announce its participation at SIBOS 2013. Held in Dubai from 16-19 September, this is the first time this event is hosted in the Middle East.
During the event, Standard Chartered will be hosting a series of seminars and client briefings to discuss key topics including:
- the impact of the changing regulatory environment
- achieving operating efficiency through innovation and collaboration
- mobile technology’s role in enabling greater working capital efficiency
Another topic the bank will be focusing on is the internationalisation of the Chinese currency, the Renminbi (RMB), which is considered as one of the biggest developments that the financial sector and global trade are witnessing. The bank estimates that China trade denominated in RMB stands at 14.7% as of the first half of 2013, up from 0.4% in Q12010.
Commenting on the Bank’s participation at SIBOS 2013 in Dubai, Karen Fawcett, Group Head of Transaction Banking, Standard Chartered Bank Said:
“We are extremely excited that SIBOS is held in Dubai, a key market within the fastest growing regions of Asia, Africa and the Middle East. As a client centric bank, we are committed to help our clients best position themselves to capture opportunities resulting from the shift of economic power from west to east.”
According to Standard Chartered, emerging market trade corridors is expected to make up 40% of global trade by the year 2030, up from 18% in 2010.
Farooq Siddiqi, Regional Head of Transaction Banking MENA, Standard Chartered Bank highlighted the emerging client trends and said:
“Corporate treasurers and banks need to keep abreast of the latest regulatory requirements, enhance operational efficiency and implement effective working capital management frameworks in order to capture the opportunities available from today’s dynamic markets. Clients today are looking for financial partners that have an expansive network and strong on-the-ground presence and expertise on both sides of the transaction; they are investing in their technology capabilities and are looking for integrated and holistic solutions.”
“We remain committed to our clients in the Middle East and continue to invest in our people, infrastructure and product capabilities to bring best in class Transaction Banking services for Financial Institutions, Corporates and Investors and Intermediaries,” Siddiqi added.
Standard Chartered has been operating in the Middle East for more than 90 years and the UAE is one of its largest markets in the region.
Standard Chartered is a sponsor of this year’s SIBOS corporate forum and can be found at booth F80.