SCB, Advance Telecom Ink MoU

Seen in the photograph: Mr. Imran Ahad, Managing Director, Origination and Client Coverage and Mr. Rizwan Majeed, COO Advance Telecom, along with their respective teams
Seen in the photograph: Mr. Imran Ahad, Managing Director, Origination and Client Coverage and Mr. Rizwan Majeed, COO Advance Telecom, along with their respective teams

Standard Chartered and Advance Telecom have signed an agreement for Straight2Bank, Standard Chartered Bank’s electronic banking platform.

Straight2Bank efficiently execute and monitor cash management, foreign exchange and trade finance activities. It also offers a wide range of payment solutions on a single platform. This includes transfers, corporate cheques, pay orders, payroll and telegraphic transfers.

Commenting on this occasion, Mr. Imran Ahad, Managing Director, Origination and Client Coverage, Standard Chartered said, “Standard Chartered, consistent with our brand promise of being Here for good for our clients, offers banking solutions and products that greatly enhance our clients’ operational efficiency. We believe that this product offering to Advance Telecom will go a long way in helping Advance Telecom further streamline their business operations through efficient and secure cash management solutions.”

Advance Telecom, with approx 40% share of the USD 360 million cell phone market in Pakistan, will move to Straight2Bank from August 1, 2010. Share of Advance Telecom in the Nokia official cell phone market in Pakistan is close to 60%. It is hoped that for Advance Telecom, adopting this product will lead to reduction in internal costs, facilitate reconciliation and enhance their control levels.

Commenting on the agreement, Mr. Rizwan Majeed, COO Advance Telecom said” I am impressed with the functionality of the Straight2bank product. Using the Straight2Bank electronic platform has led to improved workflow within the company, resulting in considerable time saving in processing of transactions especially with regards to opening of Letters of Credit. I am confident that this product will contribute in helping Advance Telecom further cement its leadership position in the mobile phone market.”