“Our new Trade Working Capital solution dramatically reduces processing time, helping customers get access to working capital faster, which helps them to trade more and grow their businesses,” said Sunil Veetil, Head of Global Trade and Receivables Finance for HSBC in the Middle East, North Africa and Turkey.
“Manual systems take up to 48 hours to verify the loan and payments data needed to release capital. Our Trade Working Capital solution allows customers to submit data directly through either HSBCnet or HSBC Connect and complete the process digitally in minutes, making transactions faster, simpler and more secure,” Sunil explained.
“Trade Working Capital is a simple and reliable digital tool that allows customers to access capital quicker and improve their cash flow forecasting. We are very proud to be launching this trade technology globally here in the UAE first, which is a hub for innovation and digitization – particularly in international trade,” Sunil added.
Trade Working Capital uses technology to improve efficiency in trade transactions and smooth out volatility, directly addressing concerns about supply chain disruptions that featured high on the list of potential risks revealed in HSBC’s recent Navigator survey of international business.
HSBC co-created Trade Working Capital with International Foodstuffs Co (IFFCO) in the UAE.
Samir Nayak, Director, Group Treasury, IFFCO Group, said “Collaborating with HSBC to develop this automated solution helped us with end-to-end integration of our trade payment workflow, improving controls, efficiencies, and eliminating manual processes. We look forward to leveraging the solution and partnering with HSBC across similar technology initiatives in the future.”
Trade Working Capital has been launched first in the UAE, with Singapore following next. Customers in Hong Kong and the United Kingdom will get access to the technology in 2022, followed by additional markets.
-Ends-
Media enquiries to:
Farah Farooq : farah.farooq@hsbc.com
Zahraa Alkhalisi : zahraa.alkhalisi@hsbc.com
HSBC in the MENAT region
HSBC is the largest and most widely represented international banking organisation in the Middle East, North Africa and Turkey (MENAT), with a presence in nine countries across the region: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Turkey and the United Arab Emirates. In Saudi Arabia, HSBC is a 31% shareholder of Saudi British Bank (SABB), and a 51% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom. Across MENAT, HSBC had assets of US$68.9bn as at 31 December 2020.
© Press Release 2021
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