HSBC launches mobile app for SMEs
KUALA LUMPUR: HSBC Malaysia has launched the HSBCnet Trade Transaction Tracker, a mobile app for small and medium enterprises to track their exports and imports quickly and easily.
“At HSBC, we continue to leverage technology and innovation to provide customers with digital products and services that are simple, convenient and secure,” said HSBC Malaysia country head of commercial banking Andrew Sill.
“The HSBCnet Trade Transaction Tracker is an innovative mobile tool that allows businesses to better manage their global trade flows,” he said, here, yesterday.
HSBC Asia Pacific regional head of global trade and receivables finance Ajay Sharma said HSBC was regularly engaging with central bankers in the region on increasing the use of technology in financial services.
In May last year, HSBC Holdings Plc performed the world’s first trade finance transaction using a single blockchain platform.
The bank issued a letter of credit for United States food and agriculture giant Cargill.
The transaction involved a shipment of soyabean from Argentina to Malaysia via Cargill’s Geneva and Singapore subsidiaries. The letter of credit was issued to Dutch lender ING Group.
The exchange among the parties via blockchain technology was performed in 24 hours, compared to the five to 10 days it would normally take through a paper-based system.
“In Malaysia, we are in regular contact with Bank Negara Malaysia. So far, the central bank is receptive to our early adoption of blockchain technology in trade financing. We hope many more banks will join in. We can then reap the benefits of economies of scale as we leverage blockchain to make trade financing safer, simpler, faster and cost-competitive,” said Ajay.
He said blockchain technology was capable of handling massive data in a transparent, immutable network.