HSBC has been voted by customers as the #1 trade finance bank in the Middle East region in the 2020 Euromoney trade finance survey – the fourth year in succession that customers have placed the bank in top spot.
“As the world’s leading trade finance bank, HSBC is investing in digital to transform trade and enhance customer experience,” said Sunil Veetil, Head of Global Trade and Receivables Finance for HSBC in the Middle East, North Africa and Turkey.
In 2019, HSBC became the first bank in the Middle East, North Africa and Turkey (MENAT) region to execute a cross-border Letter of Credit (LC) transaction on a blockchain platform. The bank also launched a new trade finance API that gives financial institutions the ability to build applications for their clients, leveraging HSBC's network and capabilities. In an industry first, HSBC also launched a new customer surveillance system that uses big data, advanced analytics and automated ‘contextual monitoring’ to detect and disrupt financial crime in international trade.
“HSBC has pioneered the use of blockchain technology to accelerate the velocity of trade flowing through the Middle East, North Africa and Turkey region - trade which is worth around $2 trillion each year. Our use of AI, machine learning, mobile based trade tracker applications and intuitive online trade platforms have drastically improved the efficiency of the business, made trade safer for our customers and society, and have had a positive impact on client experience. Being voted the region’s best trade finance bank is a direct reflection of these investments. So watch this space as we continue to disrupt the way trade finance is done,” added Sunil Veetil.
HSBC has now completed four cross-border LC blockchain transactions in MENAT, involving buyers and sellers in Bahrain, Oman, Saudi Arabia and the UAE, and is planning to rapidly scale the platform in 2020.
HSBC was also voted the #1 domestic trade finance bank in Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates.