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Standard Bank Namibia is set to assist local businesses import products from China by providing financial services and directly linking them to credible and vetted suppliers. The bank will provide funding /facilitate the flow of funds for qualified businesses intending to import goods from China. The services provided by the bank substantially reduce the risks associated with imports where goods are sometimes of poor quality, get lost, or broken. These will be covered through a comprehensive insurance policy, stated the Standard Bank Namibia official.
Standard Bank Namibia is set to assist local businesses import products from China by providing financial services and directly linking them to credible and vetted suppliers. The bank will provide funding /facilitate the flow of funds for qualified businesses intending to import goods from China. The services provided by the bank substantially reduce the risks associated with imports where goods are sometimes of poor quality, get lost, or broken. These will be covered through a comprehensive insurance policy, stated the Standard Bank Namibia official.
Businesses that are not meeting the bank’s requirements can well be referred to other financing partners associated with Standard Bank. The bank will provide convenient services to entrepreneurs or businesses intending to import and export goods to and from China by serving as the intermediary between the businesses and suppliers. These are vetted Chinese suppliers who work hand-in-hand with Standard Bank under the Africa-China Trade Solutions (ACTS), whose purpose is solely to assist with cross-border trade requirements, from sourcing-financing-delivery of products.
Importation of products comes with many challenges, among them, the language barrier, financing, quality of goods, and the transportation thereof. With this initiative, the bank will enable its clients to navigate through these risky processes. Standard Bank’s relationship with the Industrial and Commercial Bank of China (ICBC) gives Standard Bank an upper hand in taking advantage of the African-China Trade through the provision of seamless processes.
The vetted and trusted Chinese Import Partner will be responsible to negotiate the best prices, trading terms, and quality standards on the client’s behalf, arrange travel logistics and setting up introductions for possible meetups with various suppliers in China. The agreement makes provision for translation services to facilitate trade negotiations and discussions, including the validation of the quality of the goods purchased.
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The Standard Bank guarantees the quality of goods from the suppliers recommended to ensure they meet the required quality standards, and any failures will be rectified through its intervention. The Bank further handles all the shipping logistics and insurance of goods in transit. And in the end, our trade financing and facilitation of payments and collections help mitigate the risk of cross-border payments. In addition, the bank assists in terms of payment on behalf of the client, by making deposits leading up to a final payment when goods are received, thereby covering the client from further risk.
