Citi has been named Best Trade Finance Bank in Asia Pacific by Global Finance magazine in its list of Best Trade Finance Providers 2022.

In its acceptance of the award the bank has drawn attention to its ability to provide digital initiation of letters of credit (L/Cs) as part of the bank's award-winning trade finance offering.

The bank was also recognised as World's Best Supply Chain Finance Bank in the publication's list of Best Supply Chain Providers 2022.

Digital innovation

Citi says it has introduced electronic signatures for trade across six markets in Asia Pacific with more to follow so that clients can digitally initiate L/Cs, local guarantees and trade loans.

The use of e-signatures has significantly reduced the time required to process documentation for trade transactions according to the bank.

Pandemic support

The Best Trade Finance Providers list serves to recognise institutions that have best responded to the challenges brought about by the ongoing pandemic and served their clients successfully, according to Global Finance.

To support its clients through the pandemic, Citi introduced electronic trade loan capabilities on its CitiDirect BE®-Citi's institutional online and mobile banking platform. These capabilities enable its clients to initiate trade loan transactions online and more easily access working capital.

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