Standard Chartered Plc will close about half of its Nigeria branches as the company emphasizes digital banking. Standard Chartered will focus on bolstering its mobile banking capabilities and recruiting employees who can better assist new customers and handle cash deposits and withdrawals across Africa’s biggest economy. Indian FinTech firm Pine Labs partnered with Standard Chartered Malaysia on a buy now, pay later (BNPL) offering that includes 0% installments on credit cards at the more than 25,000 merchants across Malaysia equipped with Pine Labs point of sale (POS) terminals. Standard Chartered inked a 10-year partnership with Singapore-based buy now, pay later platform Atome Financial, making it the first major bank to jump into the sector across Asia.
Standard Chartered reveals that multinational companies will cut suppliers for failing to curb carbon emissions, with 78 per cent of multinationals (MNCs) planning to remove suppliers that endanger their carbon transition plan by 2025. For Nigerian suppliers who fail to transition alongside their MNC partners, this could mean a loss in export revenue of USD34.3bn. However, the study also reveals a USD1.6tn market opportunity for suppliers who decarbonize in line with MNC net zero plans. According to Carbon Dated, which looks at the risks and opportunities for suppliers in emerging and fast-growing markets as large corporates transition to net zero, 15 per cent of MNCs have already begun removing suppliers that might scupper their transition plans. In total, MNCs expect to exclude 35 per cent of their current suppliers as they move away from carbon.