Truist has announced its partnership with Standard Chartered in order to strengthen trade finance offerings and capabilities in emerging markets around the world. Following this partnership, Truist Bank and Standard Chartered will focus on designing an efficient and secure business environment for importers and exporters in the region of the US.

Standard Chartered is set to offer centralised processing capabilities, as well as analysing and tracking services by using the bank’s local expertise, network, technology, and infrastructure. Truist will deliver its corporate and commercial users Standard Chartered’s offerings in order to meet their trade finance needs and demands, in the emerging markets of Asia, Africa, and the Middle East. In addition, the institutions will be given access to Standard Chartered’s possibility to monitor transactions and payments in real-time, for the entire value chain of the documentary trade.

Customers and users who would like to purchase or sell products or solutions in the markets where Standard Chartered has a footprint are set to be enabled to confirm, advise, as well as discount letters of credit through the bank. Besides the local SBLC delivery capabilities, clients of Truist will be given the opportunity to execute performance and commercial contracts, with several counterparts in the markets that require local knowledge and expertise. Standard Chartered's set of services will allow Truist to process and to issue SBLCs end-to-end by leveraging the financial institution’s network in order to improve turnaround times and to provide transparency on cost.

Standard Chartered’s strategy of development UK-based international banking group Standard Chartered announced multiple deals and launches in the last couple of months, across different geographic areas across the globe. In September 2023, the company announced its collaboration with Allex & Overy, in order to publish a payment guideline, aiming to outline payment regulatory frameworks. The Guide to Payment Regulations was developed to summarise the prevailing structure and related licensing schemes for e-money solutions and payments.

The release also covered eight key markets in the region of Asia and focused on improving the manner in which corporates and fintechs navigate the payments landscape. In addition, it also offered the multiple possible factors that can have an impact on businesses as they continue their procedure of global expansion. The markets that were included in the guideline were Mainland China, Hong Kong, Malaysia, India, South Korea, Thailand, Singapore, and Taiwan.

The companies planned to launch an upgraded version that will include other seven markets. Earlier in August 2023, Malaysia-based payment service firm GHL Systems announced its partnership with Standard Chartered Malaysia, in order to deliver a comprehensive suite of payment solutions to its clients and merchants. Throughout the deal, both of the enterprises aimed to allow traders to access streamlined payment services in order to improve their offerings and capabilities.

Moreover, it also focused on providing them with multiple benefits and advantages, following their commitment to improve payment experiences and encourage the development of payment digitalisation within the country. .