7th Oct 2014 07:00
LONDON (Alliance News) - Cross-border payments company Earthport PLC Tuesday said it has signed a contract with Standard Chartered PLC, highlighting the importance of the emerging markets focused bank's position in the Asian and African markets.
In a short statement, Earthport said the agreement is subject to certain approvals, and that it would give further information in due course.
"We are delighted that Standard Chartered has chosen to enhance their products by white-labelling the Earthport service. This collaboration will bring the benefits of our innovative, yet highly regulated, payments service to the bank's customers," Chief Executive Hank Uberoi said in a statement.
"Standard Chartered is one of the world's largest banks and importantly it is a market leader in the rapidly developing Asian and African markets," Uberoi added.
The deal comes after Earthport last month raised GBP26.6 million before expenses in a share placing, with the funds earmarked to strengthen its balance sheet, accelerate its expansion and presence in Asia, and for investment in North America and Europe.
Standard Chartered is the latest big name to agree a contract with Earthport, with others to have signed since December 2013 including Bank of America Merrill Lynch, PNC Bank N.A, WorldRemit, HSBC Holdings PLC, and State Street Corp.
By Samuel Agini; [email protected]; @samuelagini
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