Standard Chartered Bank and Ant Financial, both SME Finance Forum members, announced the signing of a Memorandum of Understanding (MOU). Under the terms of the MOU, Standard Chartered Bank will combine its banking expertise and insights in emerging markets with Ant Financial’s industry leading TechFin capabilities, to increase access to financial services for clients based in countries along the “Belt & Road Initiative” route.
According to the Business Insider, Standard Chartered (which separately pledged to commit $20 billion to the initiative) will leverage Ant Financial 's tech savvy to offer services in markets with low bank penetration, while Ant Financial will take advantage of the bank's resources and network to extend its reach. The MoU builds on an ongoing partnership between the parties since 2012.
