Standard Chartered has partnered with Demica, a London-based fintech specialising in working capital solutions, to transform access to the bank’s supplier finance programmes, allowing easier enrolment for thousands of suppliers through an online portal.
The partnership will commence with the roll out of a fully digitised end-to-end “Supplier Enrolment Portal”.
This portal will change how suppliers enrol in supply chain finance programmes by using a digital front-end while providing the bank’s enrolment team with intuitive dashboards for monitoring and sending updates to anchor companies.
The portal, which leverages Demica’s supply chain finance product capabilities and flexible technology, will be delivered via Demica’s platform hosted on a cloud-based solution.
This is the first phase of a strategic partnership between the two organisations.
Michael Sugirin, Global Head of Open Account – Trade Product Management, Transaction Banking at Standard Chartered said,
“We’re very excited about this new partnership with Demica.
We’ve seen a double-digit percentage increase in demand for our supplier finance programmes and the new portal will not only speed up the enrolment process for suppliers, but also allow us to serve more companies as they engage in digital-first trade within and beyond borders.”
Matt Wreford, CEO of Demica said,
“This is the start of a tremendously exciting partnership between Standard Chartered and Demica as the bank adopts the Demica platform to transform working capital solutions, with the first phase being supplier onboarding.
By using our cutting edge fintech solution, they are leading the way to drive innovation and operational efficiency in the supplier finance market.”
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