StanChart facilitates first LC application via H2H connectivity

Standard Chartered Bangladesh has provided Genesis Fashions Ltd, a ready-made garments manufacturer and sister concern of the M&J Group, with the resources needed to submit trade applications via host-to-host (H2H) connectivity.

Luthful Arefin Khan, head of transaction banking of the bank, and Sheikh Mahfuzul Hoque, chief financial officer of the RMG manufacturer, signed an agreement to this end at the former's head office in Dhaka recently, said a press release.

This connectivity enables Genesis Fashions to directly apply for letters of credit and other trade products from their own ERP system eliminating any duplication of work and thereby adding efficiency to the trade process.

The bank's H2H solution provides clients with an entirely paperless service that empowers them to minimise their carbon footprint while conducting trade processes with greater speed and efficiency.

"Host-to-host connectivity for trade is a major milestone in the trade digitisation journey – one that Standard Chartered is leading in this market. This makes end-to-end trade transaction processing faster by seamlessly connecting the client with the bank," said Naser Ezaz Bijoy, chief executive officer of the bank.

"Thus, I would like to congratulate Genesis Fashions Limited on becoming the first company in Bangladesh to forward a letter of credit application through this innovative channel," Naser said.

"We are very proud to be the first to complete a trade-based H2H transaction in Bangladesh with the support of Standard Chartered. This solution greatly simplifies our procurement process and reduces our workload," said Munir Ahmed, a director of the RMG manufacturer.