Olea announces entry into Vietnam to offer trade finance solutions

Singapore, March 13, 2023: Olea, a digitised supply chain platform that empowers sustainable trade, has announced its entry into the Vietnamese market, with a focus on providing innovative trade finance solutions to businesses and banks engaged in international trade. Olea starts its first partnership with ASEAN Business Partners (“ABP”), a multi- disciplinary professional services firm which specialises in assisting international companies to start and grow businesses in the ASEAN region.

“We are excited to enter the Vietnamese market and help businesses grow through our cross- border trade finance offering,” said Letitia Chau, Deputy CEO of Olea. “Our aim is to provide Vietnamese exporters with the trade finance solutions they need to succeed in today’s global economy, and we look forward to working closely with businesses to help them achieve their goals.”

Vietnam, already a prominent player in the Asian export markets, has emerged as the fastest- growing economy in Asia[1]. As a result, there is a growing demand for financial services that enable businesses to engage in cross-border trade. Olea’s entry into the market will help meet this demand by providing businesses with access to efficient and reliable cross-border financial services.

With a strong track record of providing financial services to businesses exporting from Asia to the US and Europe, Olea is well-positioned to support the growth of Vietnamese businesses engaged in cross-border trade. Olea’s services in Vietnam will provide innovative cross-border finance solutions designed to help businesses access financing, increase transparency in processes and improve efficiency via Olea’s advanced technology platform.

Sumit Dutta, CEO & Founder of ASEAN Business Partners said, “Demand for Vietnamese products is increasing, especially among US and European buyers[2]. We truly believe that Olea’s trade finance solution will be advantageous for Vietnamese corporates. At ASEAN Business Partners, we are thrilled about the benefits this partnership will bring to exporters in Vietnam”.

“Olea’s entry into Vietnam is one of the most exciting opportunities for businesses in Vietnam in embracing digital platforms to drive cross-border trade finance and accelerate growth. With the power of digitalization, we can help our clients achieve their growth ambitions. With Vietnam emerging as a dynamic and rapidly growing market, we need to continue to capitalize on the digital revolution and unlock new opportunities for success.” said Michele Wee, CEO, Standard Chartered Vietnam.

About Olea

Olea is a digital supply chain platform that combines the strengths of both Standard Chartered and Linklogis. As a joint venture between a leading global trade bank and a leading supply chain technology provider, Olea embeds synergistic capabilities – Standard Chartered’s international trade expertise, robust risk management and sound governance and Linklogis’s technology expertise as the first China supply chain SaaS company listed on the Hong Kong Stock Exchange

Olea’s vision is to empower sustainable trade. We have a strong conviction in the role of trade to support sustainable economic development across countries, particularly emerging markets in Asia, Middle East and Africa where many smaller suppliers are based. Olea supports suppliers and buyers in over 20 countries.

About ASEAN Business Partners

ASEAN Business Partners (“ABP”) is a multi-disciplinary professional services firm headquartered in Singapore and specialised in assisting international companies start and grow their business in the ASEAN markets. ABP provides customised service and on-ground assistance at every stage of a client’s ASEAN journey supported by local teams.

ABP has country offices in all major ASEAN countries including Indonesia, Vietnam and Philippines and has strong local representatives in each country. The ABP team comprises of a diverse group of experienced professionals who have worked in senior positions in global top notch MNCs to provide clients with the best industry expertise, strategy, analytics, & operational support in a transparent and sustainable manner.

[1] https://www.bloomberg.com/news/articles/2022-12-29/vietnam-economy-expands-faster-than-expected-in-december-quarter?leadSource=uverify%20wall

[2] https://e.vnexpress.net/news/business/economy/us-european-buyers-pivot-away-from-china-toward-vietnam-4272859.html

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