Asia a transaction banking goldmine for StanChart

Singapore

ASIA's burgeoning economies are often the only growth engine for many multinationals and that in turn has helped boost Standard Chartered Bank's transaction banking business.

"Transaction banking is doing very well, revenues grew double digits in first half year-on-year," said Alex Manson, StanChart global head of transaction banking.

The business enjoyed strong momentum from the second half of 2016 and the bank continues to add more corporate accounts in the cash management space, said Mr Manson in a recent interview.

One new client is the giant German insurer Allianz which expects business in Asia to more than double by 2020 from 2015.

Asia is now the third largest contributor to the group, after Germany and the US, up from 4th two years ago, said Han Na-il, Allianz Singapore branch head of finance transformation. The Singapore office which is Allianz's regional headquarters steers 14 operating entities in nine As…