HSBC Singapore launches first digitised trade loan solution
Businesses that rely on short-term loans to make working capital payments typically need to engage in a multi-step process spanning 24 to 48 hours, from drawing the loans to using the funds to pay suppliers. With a Trade Working Capital facility, businesses can now concurrently draw funding and make near real-time supplier payments with just a payment instruction file. The solution vastly improves user experience with a simple and reliable digital process to manage their payments and working capital efficiently, and at the same time improving their cash flows and saving on loan interests.
Iain Morrison, Head of Global Trade and Receivables Finance, HSBC Singapore: “This solution is a milestone in showing the tangible benefits that digitization can bring to businesses. By offering a simple, straight through funding process, we are handing the reigns to our clients to trade more easily, more quickly and at better value.”
Launched initially in the UAE and Singapore, HSBC will roll out the new trade loan solution in Hong Kong and the United Kingdom followed by additional markets.
Media enquiries:
Lucy Stewart | Lucy.stewart@hsbc.com.sg | +65 9658 3405
Note to Editors:
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 $2,969bn at 30 September 2021, HSBC is one of the world’s largest banking and financial services organisations.