HSBC voted top trade fi­nance bank in Oman, Mid­dle East

Muscat Daily - - BUSINESS -

Mus­cat - HSBC Bank Oman has been voted by cus­tomers as the lead­ing Trade Fi­nance bank in Oman in the 2020 Euromoney Trade Fi­nance sur­vey. HSBC was also voted the No.1 Trade Fi­nance bank in the Mid­dle East re­gion – the fourth year in suc­ces­sion that cus­tomers have placed the bank in top spot, ac­cord­ing to a press re­lease.

“As the world’s lead­ing trade fi­nance bank, HSBC is ide­ally placed to con­nect Omani busi­nesses to trad­ing part­ners around the globe. We con­tinue to in­vest in the dig­i­tal­i­sa­tion of our prod­ucts and ser­vices to make bank­ing sim­pler, bet­ter and faster for our cus­tomers,” said Mo­hamed Man­sour, head of global trade and re­ceiv­ables fi­nance for HSBC Bank Oman.

In 2019, HSBC Bank Oman be­came the first bank in Oman to ex­e­cute a cross-bor­der let­ter of credit (LC) trans­ac­tion on a blockchain plat­form. 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 US$2tn 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, head of global trade and re­ceiv­ables fi­nance for HSBC in the Mid­dle East, North Africa and Turkey (MENAT).

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.

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