Standard Chartered Bank has launched its Express Trade service for small- and medium-sized enterprises (SMEs) in Brunei with the aim of accelerating the country's trade with the rest of the world.

The bank says its letter of credits (L/Cs) will help the country's smaller businesses win new business while government officials hope the service will help Brunei's SMEs contribute more to the nation's development.

Quick response

Standard Chartered says quick response times are fundamental for business success, and claims Express Trade features fast and simple application processes as well as minimal security requirements.

Through Express Trade SMEs can now obtain credit facilities on a partially secured basis, providing them with more working capital for their operations according to the bank.

L/Cs preferred

Standard Chartered says its L/Cs and guarantees are preferred worldwide, thus better payment terms can now be negotiated.

The bank also claims that with the new service SMEs gain access to its professional insights and international presence across the world, which it claims will enable them to run their businesses more efficiently.

Government approval

Brunei's deputy minister of industry and primary resources, Dato Paduka Awang Haji Hamdillah bin Haji Abdul Wahab, launched the new service.

He said the bank's efforts make a contribution towards "developing SMEs to become significant contributors to national development."

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.