To support the growing e-commerce and m-commerce aspirations of clients in Asia, the bank's Straight2Bank Pay digital collections gateway for corporate clients has been rolled out in additional markets.

Standard Chartered Bank's Straight2Bank Pay is being rolled out to additional markets, including China, Hong Kong, India, Malaysia, Singapore and Vietnam, with more to come including Bangladesh and Kenya, the bank announced in a press release on Thursday.

The bank has partnered leading payment service providers and players, and connected to instant payment schemes across its key footprint markets to simplify collections from various payment methods including instant and QR-based payments, bank transfers, cards and mobile wallets across online, mobile and in-store interfaces.

In addition, the Bank has also launched the Straight2Bank Pay mobile app in Singapore, which allows corporates to collect funds in person from consumers for in-store or payment on delivery scenarios by generating a dynamic QR code using the app. Consumers are able to pay by simply scanning a QR code with their mobile device. The app also notifies the corporates’ in-store staff or delivery agent of the transaction status in real-time. 

Operational Efficiency for Businesses

The bank said that businesses in the region often have to establish multiple technical connections, open multiple accounts, negotiate multiple contracts or undertake due diligence on multiple partners. With Straight2Bank Pay, the bank hopes clients will rely on it to be their sole collections provider, bringing operational efficiencies and cost savings.

«The global e-commerce market is expected to account for around one-fifth of the total commerce market by 2021, with more than half of this market value driven by mobile payments. As our corporate clients look to capitalise on this opportunity, we want to be their trusted partner in the growth journey, with this expansion of Straight2Bank Pay further supporting their need for a seamless digital collections experience,» Judy Bei, Standard Chartered's global head of Payments and Receivables, Cash, Transaction Banking, said.