Sidian Bank launches online submission platform to expand its trade finance market
Sidian Bank has launched a new product that allows existing and potential Bank customers to generate bid bonds from anywhere, anytime and on any device.
The solution dubbed Sidian Credible, a safe and secure web application, is a self-service platform that conveniently meets customer needs in any tendering process.
Banque Sidian entered the Trade Finance space five years ago, making it one of the Bank’s areas of intervention.
âThrough tailor-made trade finance solutions, the Bank has seen many of its clients unlock their business potential, resulting in the timely application of bid bonds and cost savings, resulting in has resulted in tremendous growth in profitability, while others have spread wings across the African region, âobserved Head-Corporate Banking & Trade Finance, Beatrice Kamiri.
The Sidian Credible platform aims to provide customers with choice and convenience. The solution moves away from the manual process of securing bid bonds and embraces technology as the next big frontier.
In addition to meeting customer needs, the app aims to align with the government’s initiative and vision of e-procurement.
Speaking at the launch of the new solution, Bank Commercial Director Tim Gitonga said: âThe product launch is therefore a new dawn and a new experience for our Sidian Bank clients as well as our potential clients.
This was the result of a fundamental overhaul and a radical overhaul of current processes, putting the customer’s need for efficiency and timely solutions first. The solution is also in line with the Bank’s overhaul to reduce physical contact in accordance with Covid-19 control measures. “
Reflecting on the growth of Sidian Bank in general, and in particular with regard to trade finance solutions, Sidian Bank Managing Director, Chege Thumbi noted that âSidian Credible is a milestone for us and the solution sets us apart. truly as leaders / frontiers in the Trade Finance Space.
He added, âThe product we are launching today therefore goes a long way in affirming this position and demonstrating our commitment to sustaining this growth trajectory as we grow with our corporate clients. We are very grateful to our clients for giving us the opportunity to serve them and assist in the turnaround of their businesses. This product is a victory for us together.
The authenticity of the generated bid bonds is validated by a QR code integrated into the guarantee. In addition, bid bonds are self-signed by authorized signing officers of the Bank. The platform is accessible to Sidian and non-Sidian customers.
For the latter, the system has the ability to self-integrate and generate a bid bond. The self-onboarding process for non-Sidian customers involves automatic and instant verification of entered customer information against credible sources made available to the banking industry by the Government of Kenya.
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