Manama: HSBC Bahrain facilitated a transaction using electronic Bill of Lading and ePresentation capabilities for Bahrain Steel, one of the leading producers and global suppliers of high-grade iron ore pellets, that furthers the move away from paper to cut direct cost, boost growth and increase safe and secure transactions.

This is another step in support of the Bahrain Economic Vision 2030 for digital transformation.

Joseph Ghorayeb, CEO of HSBC Bahrain said: “HSBC is committed to advancing digital solutions for corporates to optimise their treasury operations and working capital cycle. This transaction is another testament to our focus on digital transformation in this market.”

The import transaction of Bahrain Steel was concluded by using ICE CargoDocs’ electronic Bill of Lading and ePresentation capabilities, which transformed a lengthy process involving physical movement of documents into a highly efficient, transparent and secure process. The digitising of the process has enabled the transaction to be completed in a matter of hours rather than days or weeks required when using paper documents, significantly improving cost-efficiency and productivity.

Bahrain, as the first country to enact the Model Law of Electronic Transferable Records (MLETR) developed by the United Nations Commission on International Trade Law, provides an enabling legislative framework for such digital transactions.

Dilip George, Group CEO at Bahrain Steel commented: "This milestone transaction underscores our commitment to embracing Industry 4.0 digital technologies which lies at the heart of our business model. The electronic bill of lading and ePresentation are components of the digital supply chain ecosystem we are building that will bring a new degree of agility and transparency, enabling us to run our business more efficiently."

“We are delighted to support our clients HSBC Bahrain and Bahrain Steel in their efforts to digitally transform their trade and trade finance processes. Bahrain remains at the forefront of digital trade innovation, and we look forward to assisting local supply chain stakeholders in adopting an efficient paperless process which empowers secure, transparent and sustainable trade,” said Katerina Anagnostara, Director, Customer Success, ICE Digital Trade

“As the world’s leading trade bank, we continue to leverage our global expertise in trade finance to offer innovative, digital and bespoke solutions to our corporate clients to meet the evolving and dynamic needs of the market,” said Cheryl Menezes, Head of Global Trade Solutions at HSBC Bahrain.


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Greta Madgwick

About 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 Awwal Bank (SAB), and a 51% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom.