HSBC tops Euromoney poll for Middle East trade finance services
Middle Eastern companies named HSBC the region’s best bank for trade finance services in Euromoney’s annual trade finance survey.
âThis international survey of thousands of businesses around the world is the latest endorsement by customers of HSBC’s commitment to keep trade flowing, despite the disruption caused by the COVID-19 pandemic,â said Sunil Veetil, Head of Global Trade and Debt Financing for HSBC. in the Middle East, North Africa and Turkey (MENAT).
As Covid-19 swept the world in 2020, HSBC worked closely with its customers and responded quickly to minimize disruption to their supply chains by providing them with the tools to use HSBC’s digital channels and maintain the flow of essential goods around the world.
Over 80% of HSBC’s business transactions in the Middle East were completed digitally in 2020, with 75% processed within 24 hours.
âOur investment in digital solutions and our close collaboration with our customers has enabled us to deliver faster and more secure business solutions. In times of heightened volatility, it is essential that banks are at the forefront, anticipating changing market conditions to ensure business continuity for clients, âSunil said.
Technology has been an investment priority for HSBC in MENAT. The bank is increasingly using machine learning and robotics to automate manual processes, allowing HSBC to quickly complete transactions for its customers and for teams to focus more on direct customer support. In 2020, HSBC launched the second generation of cognitive automation technology, which enables more efficient capture of business document details with increased security and transaction speed. In 2021, the Bank is working on the commercialization of its Block Chain technology based on Contour to process commercial transactions.
Last month, HSBC successfully launched the region’s first green trade finance facility, UAE-based Lamprell Energy, raising $ 48 million to help build the Seagreen Offshore Wind Farm project offshore Scottish coasts. HSBC was the sole arranger of the innovative facility, which is also the first green guarantee in the MENA region.
HSBC was also voted No. 1 commercial bank globally in the Euromoney survey, while also being ranked No. 1 for domestic trade finance in Bahrain, Kuwait, Oman and Qatar.
Â© Press release 2021