Tuesday, 16 July 2024
HSBC announces global trade solutions
HSBC announced the launch of global trade solutions, a new identity for the bank’s long-standing global trade and receivables finance (GTRF) business.
Global trade solutions builds upon HSBC’s foundations as a trade bank with more than 155 years of history. With presence in 19 markets, HSBC is the largest trade bank in Asia by revenue, generating 2.8 times more revenue than the average of its three nearest competitors.
Aditya Gahlaut, co-head of global trade solutions, Asia Pacific at HSBC comments: “As the leading international bank in Asia, HSBC is well-positioned to connect customers to the largest and most dynamic trade markets in the region. Global supply chains are being reshaped by a range of factors, from labour costs to geopolitics, from infrastructure readiness to free trade agreements. HSBC’s long history and strong presence in markets such as Hong Kong, mainland China, India and Southeast Asia will help our customers navigate Asia’s ever-changing trade landscape.”
Trade integration in Asia is advancing rapidly, with intra-Asian exports expected to grow from $4.3 trillion in 2023 to $7.1 trillion in 2030. Among the world’s top 30 trade corridors, 11 involve Asian economies on both ends.
Ian Tandy, co-head of global trade solutions, Asia Pacific at HSBC comments: “India and the ASEAN bloc are the two engines powering trade growth across South and Southeast Asia. ASEAN has overtaken the US and the EU to become China's largest trade partner. Meanwhile, the shift in many supply chains towards the region underscores the potential of India as the next manufacturing superpower – to add to its traditional strength in services exports.”
As part of the new identity of global trade solutions, HSBC has set out three key ways the bank will use its unique strengths to help businesses succeed:
- Global connectors: Helping customers where, how and with whom they want to trade.
- Innovative problem solvers: Providing a safer, smoother digital trade experience, supported with structured working capital solutions.
- Strategic partners: Trusted partner through growth, disruption, or uncertainty; bringing insights and ideas to help protect and grow their business.
Today, HSBC’s trade operations give clients access to 90% of global trade flows, while clients can benefit from the bank’s unparalleled network of 1.3 million businesses and long-standing relationships with both suppliers and buyers.
HSBC’s digital trade finance solution TradePay is now available in eight markets across Asia: Australia, Bangladesh, Hong Kong, India, Indonesia, Mauritius, New Zealand and Singapore – and will be available in additional markets in 2024.
Re-disseminated by The Asian Banker
