Citi Named Best Trade Finance Bank in Asia Pacific
Hong Kong – Citi was recently named Best Trade Finance Bank in Asia Pacific by Global Finance magazine in its list of Best Trade Finance Providers 2022. Citi was also recognized as World's Best Supply Chain Finance Bank in the publication's list of Best Supply Chain Providers 2022.
The Best Trade Finance Providers list serves to recognize institutions that have best responded to the challenges brought about by the ongoing pandemic and served their clients successfully, Global Finance noted.
"We are honored to be named the Best Trade Finance Bank in Asia Pacific by Global Finance magazine. The pandemic and pressures on global trade as well as supply chains have led to heightened demand for structured financing solutions. These solutions have helped our clients mitigate risk and improve resilience as they navigate the challenging operating environment," said Kanika Thakur, Asia Pacific Head of Trade, Treasury and Trade Solutions, Citi.
"Our structured financing book grew 25% year-on-year in 2021 as we delivered tailored solutions to address complexities faced by our clients. As a trusted financial partner to our clients, we remain focused on their working capital as well as long-term financing needs across various areas of trade financing including supply chain financing, receivables finance, trade loans and export agency financing. We are also working with our clients to de-risk their supply chains while further building out our digital capabilities," Kanika added.
Through CitiDirect BE®—Citi's institutional online and mobile banking platform—the bank offers a comprehensive online portal for Trade. More recently, supporting our clients through the pandemic, we introduced electronic trade loan capabilities on this platform. These capabilities enable our clients to initiate trade loan transactions online and more easily access working capital. In parallel, we are also expanding our digital trade capabilities on mobile.
Citi has also introduced electronic signatures for Trade across six markets in Asia Pacific with more to follow so that clients can digitally initiate Letters of Credit, local guarantees and trade loans. The use of e-signatures has significantly reduced the time required to process documentation for trade transactions.
In the area of supply chain financing, Citi is digitizing supplier onboarding to reduce turnaround and set-up times for new suppliers while developing a suite of mobile supplier finance products. As clients evolve their businesses for the future and prioritize sustainability in addition to resilience, Citi introduced its first Sustainability-linked Supply Chain Financing Program in Asia Pacific in the fourth quarter of 2021. The bank also issued its first green trade loan in the same period.
In Asia Pacific, Citi manages over 500 buyer programs with over 30,000 suppliers transacting in 144 currencies. Learn more about Citi's Trade business globally and our World's Best Supply Chain Finance Bank win.