Standard Chartered plays “super-connector” role in Belt and Road: Group Chief Executive

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As a leading bank in the Belt and Road countries and contracting capabilities to Asia, the Middle East and Africa, senior executives of Standard Chartered (StanChart) who attended the fifth Belt and Road Summit, of which the bank was a sponsor, said StanChart is well positioned to play the role of “super connector” for companies, investors and governments taking part in the Belt and Road Initiative (BRI). 

“With our global presence, we consider ourselves to be the centre of the BRI, especially in Hong Kong, which is a key hub, as well as other developing markets where we operate. The theme of Belt and Road is about connections and at Standard Chartered, that’s what we always try to do,” said Bill Winters, Group Chief Executive of StanChart. “Hong Kong is where we pull [different players] together.” 

The Greater Bay Area (GBA), including Hong Kong as the hub, provides a lot of opportunities that support financial and business co-operations between companies and investors venturing abroad, Winters explained. “This region is clearly a launchpad for the BRI. There’s a lot Hong Kong can do to facilitate the agenda across the Belt and Road markets.” 

But with travel and social distancing restrictions, the pandemic has made it more difficult to carry out due diligence on projects, conduct negotiations, and process through government planning systems. Despite delays, the project pipeline is strong, he said, and that bodes well for resumption of development activity in the years to come. 

Sustainability has long been a core part of StanChart’s strategy, he said: “Belt and Road represents an opportunity of a lifetime. Sustainability is at the front of each investment we make. The ultimate objective of Belt and Road projects is not only to facilitate commerce and trade but also to improve the lives of people and local communities. Many of these projects can be done fundamentally sustainably.” 

The BRI is core to StanChart’s growth strategy. In 2017, the bank committed additional financing for Belt and Road projects of at least US$20 billion by 2020 and was involved in more than 50 Belt and Road deals worth more than US$10 billion across a range of products and services. While committed to the BRI, the bank is also supporting its markets, especially emerging ones, to contribute to the UN’s Sustainable Development Goals (SDGs), having committed to facilitating and financing US$35 billion worth of cleantech and renewables between 2020 and 2025.