(12 May 2023 – Singapore) Standard Chartered and Tazapay are now facilitating business-to-business (B2B) cross-border payments for eCommerce merchants and marketplaces.
The partnership is part of the bank’s broader aim to provide curated financial services and products on B2B platforms.
It also focuses on allowing B2B marketplaces to onboard third-party sellers across 170 markets globally. This move enables Tazapay to use Standard Chartered’s banking services, including bank accounts, payments and FX solutions.
An increasing number of corporates from manufacturing to the service industries are expected to embrace marketplace platforms. This is driven by growing customer expectations and opportunities to develop new business models. B2B marketplaces are the fastest growing channel in B2B eCommerce.
Sales are forecast to have doubled from US$56bn in 2021 to US$112bn in 2022. According to the bank, the rapid growth translates to a need for innovative marketplace-specific financial services.
“Innovation drives a lot of what we do, and the extension of our partnership with Tazapay is another step we’ve taken in our journey towards meeting the growing needs of enterprise marketplaces” stated Standard Chartered Global Head of Bank, Broker-Dealers and Fintech Client Coverage, Anurag Bajaj.