NAIROBI, April 1 (Xinhua) -- The Standard Chartered Bank on Wednesday relaunched the China-Kenya trade corridor solution to strengthen the role of small and medium enterprises (SMEs) in bilateral trade.
The initiative empowers local SMEs by providing improved access to financing, reduced transaction costs, and direct links to Chinese markets, with a focus on sectors such as manufacturing and green energy.
Richard Li, group head of global Chinese at Standard Chartered, told Xinhua that the initiative is designed to enable small entrepreneurs engaged in Sino-Africa trade to manage multiple currencies to access reliable financing while navigating complex regulatory environments.
"The solution promotes the use of RMB that can deliver tangible benefits, including lower foreign exchange costs, improved working capital efficiency and better alignment of cash flows," Li said.
He noted that the initiative, first launched in China in 2006, reflects the Standard Chartered Bank's commitment to helping SMEs expand internationally.
Bernard Kombo, head of SME Banking at Standard Chartered Kenya, said that businesses engaged in China-Africa trade can achieve up to two percent annual savings by using RMB for working capital financing.
Kombo added that the China-Kenya trade corridor initiative provides benefits for SMEs, because it leverages a cross-border international payments system that enables financial settlement of China-Africa in 15 seconds compared to traditional methods that take one or two days. ■
