Standard Chartered competes roll out of corporate actions platform
Standard Chartered has completed the rollout of its corporate actions platform across 39 countries in Asia, Africa and the Middle East, which the bank says will help clients cut costs and reduce their corporate actions risk exposure.
On the new platform, users submit corporate actions instructions electronically. They can also design and schedule their own reports using the bank’s Straight2Bank web portal, timing announcements and managing upcoming deadlines on a special dashboard. Standard Chartered has made the platform Swift-compliant, but it also has features for non-Swift users, including automated faxes and emails. The idea is to make corporate actions simpler and more automated, helping to cut some of the cost and risk associated with manual instructions.
“As an increasing number of clients look to participate in the rapidly expanding range of opportunities in emerging markets, volume and complexity of corporate actions are growing fast,” said Margaret Harwood-Jones, global segment sponsor, investors and intermediaries, transaction banking, Standard Chartered. “This is further compounded by significant market disparities in the rules and practices governing corporate actions, resulting in inefficiencies and potential risks that can cause the industry a substantial cost amounting to tens of millions of dollars annually. Our new corporate actions platform will help clients efficiently manage these challenges and focus on exploring growth opportunities in emerging markets.”
The Asian countries covered by the new Standard Chartered service include Bangladesh, China, Hong Kong, India, Indonesia, Malaysia, Pakistan, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand and Vietnam. African countries include Botswana, Cote d’Ivoire, Ghana, Kenya, Mauritius, Nigeria, South Africa, Tanzania, Uganda, Zambia and Zimbabwe. Middle Eastern countries include Bahrain, Oman, Qatar and United Arab Emirates.