Standard Chartered Bank introduces Liquidity Management in Mauritius
A pioneering event for Mauritius and Africa, the introduction of the treasury management system represents a goldmine of opportunities for the island economy as it will enable Mauritius to become the leading Regional Treasury Centre in Africa.
Mauritius, already a finance hub for Africa, is now all geared up to be a Regional Treasury Centre (RTC) for global corporates operating across the continent with the launch of the Liquidity Management platform by Standard Chartered Bank.
A pioneering event for Mauritius and Africa, the introduction of the treasury management system represents a goldmine of opportunities for the island economy as it will enable Mauritius to become the leading RTC in Africa.
A RTC is important for a company because it helps to support the company’s treasury policies, information and fund flows become more visible, and fewer resources are needed for treasury processes.
The Liquidity Management product, introduced earlier this month by Standard Chartered Bank at an event organized at the Henessy Park Hotel, enables the treasury desk of companies to channel investments and deal with multi-country strategies in Africa.
The event was attended by 120 industry representatives with Finance Minister Xavier-Luc Duval and Standard Chartered Bank, Africa CEO Diana Layfield addressing the gathering.
With the help of this unique product, Standard Chartered, the third largest bank in Mauritius, seeks to target global corporates and multinationals with expanding businesses that are present in more than one African market.
This initiative will benefit customers through cash management efficiencies, capital optimization and improved risk management.
According to Sridhar Nagarajan, CEO, Standard Chartered Bank, Mauritius, the fact that Mauritius has seen manifold increase in corporates from Asia and other countries made it a must to introduce a RTC to support their growth agenda in the region and beyond.
Diana Layfield, CEO, Standard Chartered Bank, Africa, said that Africa is an important part of Standard Chartered’s international strategy as it has a promising future. Seven of the world’s top 10 fastest growing markets are expected to be in the continent over the next decade and the bank has vast experience in most of the 16 markets where they are present.
Firms from Asian and western countries who wish to expand their trade and investment activities in Africa will be given access because Mauritius will provide them with many advantages such as a good business infrastructure, a strong regulatory structure, a bilingual workforce and the free exchange of funds.