HSBC voted leading trade finance bank

MANAMA: Businesses in Bahrain have voted HSBC as the market leading trade finance bank in the country in the 2021 Euromoney trade finance survey.

In addition to this award, HSBC was also voted the best bank for trade finance services in the country and across the Middle East.

This is the third consecutive year that HSBC has received these two awards in Bahrain.

“This international poll of thousands of companies around the world is the latest customer endorsement of HSBC’s commitment to keeping trade flowing smoothly, despite the disruption brought by the Covid-19 pandemic,” said Sunil Veetil, head of global trade and receivables finance for HSBC in the Middle East, North Africa and Turkey (MENAT).

As Covid-19 swept across the world in 2020, HSBC worked closely with clients and responded quickly to minimise disruption to their supply chains by equipping them with the tools to use digital channels and maintain the flow of essential goods around the world.

More than 80 per cent of HSBC’s trade transactions in the Middle East were completed digitally in 2020, with 75pc processed in less than 24 hours.

“Our investment in digital solutions and close collaboration with clients meant we were able to deliver faster and more secure trade solutions. In times of heightened volatility, it is critical for banks to be on the front foot, anticipating changing market conditions to ensure continuity of trade for customers,” said Mr Veetil.

Technology has been an investment priority for HSBC in MENAT.

The bank is increasing the use of machine learning and robotics to automate manual processes, enabling a quicker turnaround of transactions for customers and allowing its teams to focus more on providing direct support.

In 2020, HSBC launched the second generation of cognitive automation technology, which allows more effective capture of details from trade documents with increased security and transaction speed.

This year, the bank is working on commercialising its Contour-based blockchain technology to process trade transactions.

Ali Tariq, head of global trade and receivables finance in Bahrain, said: “In Bahrain we have been able to provide innovative solutions paired with best in class service to our customers during what has been a challenging year for the country and the world. We are ready to support our customers trade finance requirements as the world pivots towards a circular economy and digitisation.”

Source: https://www.gdnonline.com/Details/937711/HSBC-voted-leading-trade-finance-bank