Standard Chartered, a UK-based multinational banking and financial services company with $688 billion in assets, announced on Wednesday it has joined the IBOS Association (IBOS), an international banking network. According to Standard Chartered, the IBOS members collaborate to serve each other’s international clients in markets where they themselves do not operate.
Standard Chartered reported that it will initially add Singapore, India, mainland China, Hong Kong, Taiwan, and Malaysia to the IBOS network. In time, Standard Chartered and IBOS will explore expanding the relationship to additional markets where Standard Chartered operates. Speaking about joining the network, Speaking on behalf of Standard Chartered, Jiten Arora, Global Head, Commercial Banking, stated:
“Helping businesses to connect and grow internationally is central to our brand promise. We are pleased to be a part of IBOS, which will further strengthen our role as a strategic partner in our clients’ growth journeys.”
Standard Chartered further revealed that despite COVID-19, , IBOS remains open for business and the network is utilizing technology to succeed at achieving its goals and ensuring that clients continue to have access to services as normal.
“IBOS also has its sights set on growth into the markets that the ever changing economic and geographical developments demand, as it continues to develop its expansion into Australasia.”
IBOS Managing Director, Manoj Mistry, added:
“Additional markets across Central and Eastern Europe are also being contemplated to serve the network as other banking association groups are starting to wind down.”