ICC appoints new Chair of Banking Commission
ICC’s Chairman, Rajat Kumar Gupta, has appointed Tan Kah Chye, Global Head of Corporate Cash and Trade at Standard Chartered Bank, as the new Chair of the ICC Commission on Banking Technique and Practice. Mr Tan will succeed Regina Prehofer – who has successfully led the commission for the last four years – following the next meeting of the commission on 22 and 23 September 2010 in Orlando, USA
Mr Tan is responsible for delivering overall cash management, trade finance profit and loss, strategy and product development across Standard Chartered’s global network. He is also a member of the Society for Worldwide Interbank Financial Telecommunication Trade Services Advisory Group and World Trade Organization Trade Expert Committee.
“It is an honour to be nominated as the next Chair of the ICC Banking Commission,” said Mr Tan. “I see this as an opportunity for the banking community to foster closer collaboration with businesses, especially during these uncertain economic times and changing regulatory framework. ICC is well positioned to be the voice of the global economy and it is my intention to ensure that the banking industry is aligned to that broader objective.”
The ICC Banking Commission is a leading, global rule-making body for the banking industry, producing universally accepted rules and guidelines for international banking practice, notably letters of credit, demand guarantees and bank-to-bank reimbursement. ICC voluntary market-based approaches have often been praised for levelling the playing field in trade finance practices.
Over recent years, the commission has developed various market intelligence initiatives for trade finance and regulatory communities to share objectives in dealing with one of the worst financial crises and promoting a model of banking that would continue financing the sustained expansion of international trade.
“In the past, we have been very successful in taking the lead in drafting and adopting the most comprehensive sets of rules for trade finance. We have also been a provider of cutting-edge policy analysis and research,” said Mr Gupta. “Today, it is important to take a broader approach to reinforce our position as a leading forum for the banking industry and to determine the ways banking will be conducted in the future.”
Under the leadership of Mr Tan the Banking Commission will develop new projects to account for new practices, such as supply chain finance, e-trade and open account trading. He will also continue to support the process to analyze trade finance performance data.
For more information on the ICC Banking Commission, please click here