HSBC tops Euromoney Singapore trade poll for fifth year
Iain Morrison, Head of Global Trade & Receivables Finance, HSBC Singapore said: “We would like to thank our clients for their continued vote of confidence. For the past five years, we have put our clients’ needs at the forefront of what we do. HSBC’s unique global connectivity has enabled them to effectively navigate risks and become more resilient. We will continue to transform our trade propositions, invest in the skills of our people, and shape the future of trade with new technologies. We look forward to bringing our customers on this journey.”
HSBC Singapore has dominated in every metric evaluated in Euromoney’s survey. As businesses around the world emerge from the pandemic, HSBC Singapore has continued investing in innovative structures and solutions to enable business efficiency, contingency, service, and recovery:
- Overhauling trade structures:
- HSBC, alongside Syngenta, completed the first paperless trade finance transaction on TradeLens, a digital platform launched by IBM and AP Moller-Maersk. The transaction involved the shipment of agrichemical product from South Korea to Bangladesh using an entirely paperless process, modernising trade finance and supply chain efficiency across the global trade ecosystem.1
- Enabling quicker, easier, and better value trade:
- HSBC Singapore became the Group’s first market in Asia to launch a straight-through digital solution for trade loans, cutting down the processing lead time for loan drawdowns from hours to mere minutes. Replacing a traditionally fragmented and manual process, the solution aggregates multiple activities into a single step and releases cash within seconds to enable ’just-in-time’ supplier payments.2
- Shifting to a sustainable, digital future:
- HSBC Singapore eliminated the use of paper in processing trade advices by shifting entirely to digital format, a move that will save tens of thousands of pieces of paper and hundreds of kilometres in fuel emissions. By digitising the process, HSBC Singapore’s customers who use trade solutions are now able to track documents via their mobile app, HSBCnet desktop, and email.
As a result of HSBC’s investment in technology and the global shift towards digital banking services amongst corporates, electronic penetration—which measures the number of clients utilising digital services—amongst HSBC Singapore’s corporate trade customers now stands at over 90%, tripling pre-COVID volumes.
In addition to taking the top spots in Singapore, the Bank took top honours in both global and Asia Pacific polls in 2022 as voted by clients.
Media enquiries to:
Lucy Stewart | Lucy.stewart@hsbc.com.sg | +65 9658 3405
Note to editors:
About The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $3.0tn at 31 December 2021, HSBC is one of the largest banking and financial services organisations in the world.
About Euromoney Trade Finance Survey
The Euromoney Trade Finance Survey polled clients across the world on their use of trade finance services and asked them to nominate their top providers. A provider with the greatest market share globally, regionally and locally was designated a Market Leader. Clients were also asked to assess the quality of service delivered by their providers. The providers receiving top assessments globally, regionally and locally earned a Best Service award.