HSBC retains the award for best bank for transaction services for the third straight year thanks to its ability to adapt to the pandemic and the rapidly changing needs of regulators and its customers. In the Middle East that means being there when it matters. The bank processed $552 billion in payments and $54 billion in trade for 15,000-plus clients last year.
Overseen by Sunil Veetil, head of global trade and receivables finance, Middle East, north Africa and Turkey, HSBC rolled out a host of new services and upgraded others. A shining example was the Business Virtual debit card, a first-of-its-kind offering aimed at UAE-based corporates that aids cash flow forecasting.
In December 2020, the bank went live on the Contour blockchain – the first major lender to do so – two months after its launch. HSBC reckons it has been able to cut processing times for letters of credit to 24 hours, from between seven and 10 days.
True to its role as a leading proponent of sustainability, HSBC issued the region’s first green trade finance facility for Lamprell. The $48 million facility will help the UAE-based engineering firm fund the building and installation of 114 offshore wind turbines in Scotland.
Its Liquidity Management Portal, launched in 2018 to help firms and financial institutions manage liquidity and provide a clearer view of their global cash position, was rolled out in six regional markets, including Bahrain, Egypt, Qatar and Kuwait. The bank also updated payroll systems to make it easier for firms to pay workers in Qatar, activated its Move Money function in six regional markets and introduced a Mobile Wallet application programming interface in Egypt that lets local firms accept digital payments, eliminating the need to handle physical cash.
