Cut-price letters of credit (L/Cs) feature in a package developed by Standard Chartered designed to win business from UAE-based small- and medium-sized enterprises (SMEs) doing business one way or another with China.

The bank says it is creating a special trade corridor between the UAE and China through its services to this group.

L/C promotion

Standard Chartered says it has completed two seminars in Dubai for SME clients who either have manufacturing units in China or are currently sourcing opportunities from the region.

The bank adds that it is offering such clients a range of promotional packages, including discounted charges for L/Cs, remittances and foreign exchange transactions between the two countries.

Burgeoning trade

This is apparently on top of the routine products and services tailored for the SME market available from Standard Chartered's SME banking unit in both the UAE and China. The bank says these include business accounts, business instalment loans, trade and working capital facilities and foreign exchange.

Bilateral trade between the UAE and China has seen a steady increase in recent years. It is now worth around US$10 billion, but Standard Chartered reckons this figure will climb steadily by US$1-2 billion annually.

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