HSBC has launched HSBC Trade Solutions (HTS) for customers in its two main markets, the U.K. and Hong Kong, in order to facilitate and speed up trade.
In accordance with a press release, clients may now manage all of their trade finance products online thanks to the new platform, which was developed in partnership with the IT consulting company CGI.
The bank claims that HTS will eventually “form the backbone of HSBC’s market-leading trade service, facilitating USD800bn of global commerce each year.” It uses an API-native, modular tech stack to digitize HSBC’s trade financing offerings.
The new platform, according to the statement, will provide the bank with the capacity to change more swiftly and successfully.
In the future, the bank hopes to use HTS in more of the regions where it conducts business.
“HSBC Trade Solutions has been co-created working closely with our clients and delivers a major step forward in terms of client experience,” says Vinay Mendonca, global head of trade finance products & propositions at HSBC.
“Thanks to its versatility, solutions will be able to fit into the constantly shifting ecosystems of our clients. Thanks to these digital technologies, 88% of our trade transactions are now initiated digitally across a number of channels, Mendonca remarked.
This significant solution launch is an exciting time for the market and extends the great working cooperation between CGI and HSBC, according to a press release from CGI from David York, Vice President for Banking and Financial Markets in the U.K. We are excited to work closely together to advance development in a number of vitally important areas.