25 February 2021

Fourth year as SG’s Best Bank for Trade Finance: Euromoney

HSBC Singapore has been voted Market Leader for Trade Finance and the Best Service for Trade Finance in Singapore in the Euromoney Trade Finance Survey 2021, and for the fourth year in a row.

Iain Morrison, Head of GTRF, HSBC Singapore, said: “Our priority has always been on providing excellent service and solutions to our clients, and despite the pandemic we have succeeded in maintaining this level of expectation. This achievement is even more gratifying this year given the turbulent past 12 months bought about by COVID-19, and I am hugely grateful to our clients for this recognition.

Responding to the pandemic

HSBC introduced a range of customer support measures in early February 2020 to combat the impact of COVID-19 and to help Singapore’s flow of commercial trade, including maturity extensions to SGD$600 million of current trade loans. Additionally, HSBC introduced 1-hour turnaround on issuance shipping guarantees, waiver of amendments fees of Letters of Credit impacted by delays and enhanced digital support for all customers.

Investing in digital

HSBC continued to invest in its digital trade finance capabilities in Singapore throughout 2020:

  • Simplifying the client on-boarding process - removing the need for physical signed copies and providing quicker access for client learning online.
  • Enhancing trade capabilities on HSBCnet, including the launch of the Trade Dashboard enabling clients to see all their trade transactions in one place.

Executing for our clients

In addition, HSBC executed a number of market-leading transactions including becoming Singapore’s first bank to connect with Singapore’s Networked Trade Platform via API1 and being awarded Best Fintech Solution in the Adam Smith Awards for its blockchain transaction with SABIC.2

Further afield, the Euromoney Poll also named HSBC as Market Leader for Trade Finance in Asia Pacific for the second year in a row, and Best Service for Trade Finance in Asia Pacific.

Media enquiries:

Lucy Stewart | Lucy.stewart@hsbc.com.sg | +65 93891622

HSBC Singapore

HSBC 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. 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.

1HSBC News Release: HSBC gives SMEs the keys to finance access through Singapore’s NTP

2HSBC News Release: Fully digitised trade transaction wins prestigious regional award