Kenya’s Stanbic Bank is seeking to partner with Chinese financial technology firms in order to boost the Sino-Africa trade.
Charles Mudiwa, Chief Executive of Stanbic Bank, told Xinhua in Nairobi that the collaborations will be geared towards providing seamless settlement of financial transactions between Kenya and Chinese traders.
“We hope to conclude the negotiations with China-based fintechs,” Mudiwa said during an investor briefing where Stanbic Bank released its 2019 full-year financial results.
Mudiwa said that China has emerged as an important trading partner for Kenya hence the need to facilitate commercial ties.
Stanbic Bank is a division of Standard Bank Group, whose major shareholder is Industrial and Commercial Bank of China.
He noted that by leveraging on the digital technology payments platforms of the Chinese fintechs, Kenya and Chinese traders will be able to make instant payments and bypass traditional international bank transfers.
He observed that the partnerships will also promote Kenyan exports to the Asian nation.
Mudiwa added that his organization also facilitates Kenyan traders to find reputable Chinese companies from whom they can purchase quality products.
For Stanbic Bank Kenya, the Chinese community also forms an important client base for its operation. Enditem