ComBank launches two platforms to link local businesses to global markets

Commercial Bank Chairman Prof. Ananda Jayawardane and the bank’s Managing Director/CEO Sanath Manatunge speaking at the simultaneous launch of the two platforms 

• Collaborates with IFC to develop comprehensive business eco system – ‘Commercial Bank LEAP’
• Introduces ‘Trade Club’ to provide full spectrum of services to importers and exporters

The Commercial Bank of Ceylon has significantly expanded trade opportunities for its business clients through the launch of two new platforms, one in collaboration with the International Finance Corporation (IFC) and the other developed independently.

While both platforms are designed as ecosystems that create networking prospects across borders and within the country, ‘Commercial Bank LEAP’ developed with support from the IFC, is a comprehensive business ecosystem that will focus on elevating businesses through digitising enterprises, and ‘Trade Club’ the bank’s own platform, is designed to empower importers and exporters by providing them easy access to the bank’s trade services.

Commenting on the development of these platforms, Commercial Bank Managing Director/CEO Sanath Manatunge said: “Supporting and empowering local businesses to grow and conquer global markets has been more than just a business goal for Commercial Bank. As the largest private bank in Sri Lanka, we consider it our national duty. Innovative, digitised methods are the need of the hour to boost export businesses to grow international trade and foreign exchange earnings. With the launch of these two platforms, Commercial Bank is taking its support for SMEs and corporates to the next level by offering them access to global networks, cutting-edge technology, and a wide range of business services that will help them stay competitive in today’s rapidly evolving business landscape.”

Via Commercial Bank LEAP which is built in compliance with international standards and is powered by GlobalLinker, an international business enabling platform, SMEs and the bank’s corporate customers will be able to create online stores for free to sell their products and services, expand their network of customers, investors, and suppliers from across the world, improve business networking, tap overseas markets, access exclusive offers and benefits from partners, attract feasible business opportunities, and get discovered by a wider audience. As it is a secure platform for communication, it is also feasible for sharing ideas, collaborations and learning, the bank said.

Developed as a sustainable business model, Commercial Bank LEAP offers a range of business services, such as legal, financial, marketing, logistics and shipping services, and provides businesses with access to various business intelligence tools. These tools provide valuable insights by enabling entrepreneurs to analyse their performance, track their sales and marketing activities, and monitor their online reputation.

Succinctly put, Commercial Bank LEAP is designed to help businesses to grow, connect across the world, and collaborate in a safer and secure environment, the bank said.

Commercial Bank Trade Club also offers a range of benefits to its members in addition to the networking opportunities and knowledge sharing sessions. Some of the benefits that members can enjoy include easy access to Commercial Bank LEAP, as well as to a team of dedicated professionals for consultancy services and financial advisory, same-day dispatch of export collection bills, free registration for online banking and mobile banking, preferential rates on finances, attractive exchange rates on export-related transactions, foreign currency issuance at attractive rates for business tours, seminars, and trade fairs, and a concession for letter of credit advising charges, among others. These benefits are designed to help businesses streamline their export process, access financial services more easily, and save on costs.

Commercial Bank is the first bank in the country to establish a club of this nature for its trade customers with this pioneering platform, which will have four tiers of membership: Platinum, Gold, Silver and Classic. Importers and exporters could enrol to this facility by applying through the bank’s website. They will be onboarded via invitation on fulfilment of eligibility criteria.