Middle East’s best bank for transaction services 2023: HSBC
All big banks say they are leaders in transaction services, few really are. HSBC is always in contention for this award and takes the honours after a year full of new services and innovation.
HSBC’s global payments solutions business facilitated $1.365 trillion in payments and receivables. Again, it was the largest corporate card issuer in the region – it processed 2.7 million commercial cards – with volumes up 53% on an annualized basis.
On the trade side, it processed $71 billion worth of transactions, of which $22.8 billion involved burgeoning intra-regional trade. It processed 192,000 trade finance transactions during the course of 2022, of which 73,000 were intra-regional, up 14% year on year.
At the end of the year, its global payments solutions (GPS) business, which provides a full roster of services for financial and non-financial corporates in markets from Algeria to Qatar, had deposits of $21.3