Citi announced that it has been honored by the Global Trade Review (GTR) as a Leader in Trade for Digitalisation, which was presented at the 2023 Annual Charity Awards Dinner.
According to a release by Citi, this was part of the GTR Leaders in Trade Awards. It showcases Citi’s excellence in the trade, commodity, supply chain, export finance and fintech sectors.
“We’re obviously honoured to be recognised for this award. Trade is an industry that is just embarking on a journey of true digital transformation,” Chris Cox, the Global Head of Trade and Working Capital Solutions at Citi, said in the release. “Delivery of frictionless financing and high-tech as well as high-touch solutions to clients, is something we’re focussed on and committed to at Citi. Working with clients and partners like Stenn, to craft new solutions is what we’re passionate about and want to lean into even more. So it’s terrific endorsement that this collaboration and investment, in addition to the team’s efforts, is recognised in this manner.”
Parvaiz Dalal, Global head of Trade Payables at Citi, said, "The Gap Inc. and Stenn deal, recognised as a GTR Deal of the Year, showcases Citi's commitment to meeting the diverse needs of our clients. This is the first Citi SCF transaction to be routed through the Trade Information Network.”
Gap Inc. also provided a statement, saying: "The forward thinking approach of Citi to collaborate with the Trade Information Network and Stenn enabled integrated financing across the supply chain lifecycle, ensuring improved resiliency to our suppliers.”
Stenn’s Founder and CEO Greg Karprovsky also commented on the work of Citi, saying that the relationship with his company has helped bridge financial gaps through funding access across the global supply chain.
“The recognition of this collaboration in GTR's Deals of the Year category is testament to the hard work by all teams involved and underpins the importance of deep tier financing in international trade,” said Karpovsky.