HSBC gives SMEs the keys to finance access through Singapore’s NTP
HSBC has opened the door for SMEs to access and utilise Receivables Financing via Singapore’s Networked Trade Platform (NTP) following the successful conclusion of a trade deal with Exceltec Property Management via the platform. In a market first and using API technology, the development will expedite access to funding from 1 day to 15 minutes, whilst smoothing the complexities and manual processes needed for SMEs to obtain financing and support their cash flow needs.
HSBC Business Banking customers who are signed up to NTP via its Value-Added Service, vCargoCloud (VCC) CamelONE™ Trade Finance, will now be able to send Receivables Finance transactions directly to HSBC using CorpPass as a Single-Sign On. This provides a seamless experience for SMEs who choose to have the convenience of a single interface to reach out to multiple banks.
The launch represents a further step in the Bank’s strategy to scale up its SME business in Singapore.
Mr. Iain Morrison, Head of Global Trade & Receivables Finance, HSBC Singapore: “SMEs are the lifeblood of Singapore’s economy and they are also the businesses that are working on such tight operational margins. We’re excited to have been able to bring this development to market which we feel will smoothen the path for them to access finance. We’ve worked closely with NTP and VCC to integrate end-to-end API technology which will significantly expedite the financing process, a key determiner of operational continuity for SMEs who rely on the availability of immediate cash flow.”
Business Benefits:
Widened use of CamelONE Trade Finance portal on NTP
- Receivables Finance is a tool typically used by SMEs to obtain short-term finance based on issued invoices.
- Until now, CamelONE Trade Finance has facilitated the issuance of Letters of Credit and Guarantees. Businesses reliant on Receivables Finance have had to apply directly to their Bank, as opposed to on the NTP.
Streamlined submission
- Historically, Receivables Finance submission requires significant manual transfer of data, which can be time-consuming, costly and incur errors.
- CamelONE Trade Finance is the latest platform for our customers to manage banking with HSBC digitally.
- Using APIs, HSBC can now process customer’s digital transactions through CamelONE Trade Finance with no human intervention.
Quicker access to finance
- The Receivables Finance programme leverages the NTP’s secure API communication as well as the industry’s standardised trade messaging, such as digitised invoice data.
- Time from submission to approval of funding is significantly cut from 1 day to just 15 minutes.
Ms. Choo Wai Yee, Director of Networked Trade Platform Office: “NTP is delighted to partner HSBC to deliver topline benefits to businesses by facilitating better access to financing for traders. We would like to congratulate HSBC for successfully using its NTP end-to-end API connectivity for HSBC, VCC and businesses in Singapore to increase productivity and consequently provide faster access to receivables financing. NTP’s API infrastructure is built for easy integration by banks and participants to offer competitive turnaround times for their services and enables traders to access a wide range of trade services, perform regulatory requirements and obtain financing, all through a single sign-on experience. We will continue to innovate with our many partners to facilitate trade digitalisation and support businesses in Singapore.”
Mr. Desmond Loh, CEO of the Fintech Group, vCargo Cloud: “The team behind CamelONE Trade Finance, the 1st multi-bank trade finance portal in Southeast Asia, has been continually working to enhance and expand its service offerings to the valued customers of our bank partners. We aspire to provide our users with quick and seamless digital trade finance transaction experiences.”
Successful Pilot
The launch follows the successful completion of a Receivables Financing transaction with Exceltec Property Management, a Singapore-based SME and active user of government services and CorpPass.
Mr. Koh Hock Seng, Managing Director, Exceltec Property Management: “We are an active user with our Corp Pass access and NTP provides a single sign-on experience for us in accessing our bank financing. NTP provides an opportunity for SMEs to leverage on its digital capability to streamlining my company’s processes.”
HSBC SME Strategic growth
HSBC Singapore announced its strategy to scale-up its SME business in 2018 and has since launched a number of products and initiatives to support Singapore’s SMEs to reach new heights, domestically and overseas, including:
- HSBCnet for SMEs - enhanced online banking platform1.
- HSBC SME Green Loan – providing finance to develop sustainable projects by drawing directly on existing green certifications from Singapore industry authorities2.
- HSBC Pioneer - exclusive 12-month programme for fast growing businesses3.
- International Business Banking – a dedicated proposition to support international SMEs – including domestic Singapore clients - accessing new markets in Asia.
- Not-for-Profit Proposition – a dedicated proposition to support the Charities & Not-for-Profit sectors.
Media enquiries:
Lucy Stewart | Lucy.stewart@hsbc.com.sg | +65 93891622
Exceltec was incorporated in 1997 and is a progressive Property & Facilities Management company in Singapore. The company provides a comprehensive suite of property related advisory and management services, empowered with technology and delivered through great service.
HSBC SingaporeHSBC Group’s history in Singapore dates back to 1877 when its founding member, The Hongkong and Shanghai Banking Corporation Limited, opened its first branch on the island. A qualifying full bank, HSBC in Singapore offers a comprehensive range of banking and financial services including retail banking and wealth management; commercial, investment and private banking; insurance; forfaiting and trustee services; securities and capital markets services. One of the earliest banks to establish in Singapore, HSBC today is a prominent player in Singapore's financial services sector serving the banking needs of multi-national corporations, home-grown businesses, private banking clients, institutional and retail customers. In May 2016, HSBC locally incorporated its retail banking and wealth management business in Singapore and established, HSBC Bank (Singapore) Limited. HSBC Singapore has a retail network of 13 branches (comprising 10 dedicated HSBC Premier Centres, 2 HSBC Jade Centres and a Premier International Centre) and many locations across the island providing self-service terminals
Networked Trade PlatformThe NTP is a one-stop trade and logistics ecosystem which supports digitalisation efforts and connects players across the trade value chain – in Singapore and abroad. It aims to provide the foundation for Singapore to be a leading trade, supply chain and trade financing hub. Designed as an open digital platform, it enables service providers to develop new applications and foster innovation within the trade ecosystem.
By bringing players across the trade value chain onto a single platform, the NTP enables end-to-end digital trade. Traders can tap on a range of trade-related value-added services (VAS) such as cargo freight booking, trade financing, cargo insurance, customs declarations and payment reconciliation. These services will allow them to arrange shipments easily, improve cash flow, and better manage trade compliance, all on one platform.
For more information, visit: www.ntp.gov.sg
vCargo CloudHeadquartered in Singapore, VCC is the leading Infocomm Technology (“ICT”) solutions and service provider in Asia, specialising in technological solutions for governments and enterprises worldwide, in the domain of trade and logistics. We provide e-trade and e-freight solutions through VCC CamelONE™ platform, connecting key stakeholders in the trade and logistics industry globally; including government agencies, traders, freight forwarders, carriers and financial institutions.
Backed by a team of experienced and dedicated IT and logistics professionals, VCC revolutionises the e-trade sector through designing and providing an IT infrastructure consisting of a cloud messaging platform that enables the exchange of digitalised data for cargo and financial information, allowing stakeholders in trade, logistics and supply chain to communicate and collaborate virtually on the platform, simplifying global trade.
On an international level, VCC’s strategic partners include Asian Development Bank, International Air Transport Association, International Federation of Freight Forwarders Associations, Kenya Trade Network Agency, and Mauritius Network Services. Additionally, we also work closely with Singapore government agencies, including CAAS, Enterprise Singapore, IMDA, SCE, Singapore Customs, as well as chambers and industrial associations.
For more information, please visit www.vcargocloud.com
1HSBC rolls out tailored online banking platform for SMEs, 20 July 2020
2HSBC Singapore: HSBC launches Singapore’s first Green Loan for SMEs, 16 March 2020
3HSBC Singapore: HSBC Pioneer bets on promising SMEs, 20 August 2018