HSBC Brings Receivables Financing to SMEs via Singapore’s Networked Trade Platform
(25 September 2020 – Singapore) HSBC Singapore is enabling small and medium-sized enterprises (SMEs) to access and utilise receivables financing via Singapore’s Networked Trade Platform (NTP), marking the first Bank to integrate API on the Platform.
This latest development expedites SMEs’ access to funding from 1 day to 15 minutes, while smoothing the complexities and manual processes needed for SMEs to obtain financing and support their cash flow needs.
HSBC's business banking customers that sign up to NTP via vCargoCloud (VCC) CamelONE Trade Finance will now be able to send receivables finance transactions directly to HSBC, instead of using several interfaces that reach out to multiple banks.
The launch is in tandem with the Bank's strategy to scale up its SME business in Singapore and increase its share in the market to 15 percent by 2021. The Bank has launched a number of products and initiatives since 2018, including the online banking platform HSBCnet for SMEs, SME Green Loans that draw directly on existing green certifications from Singapore industry authorities, HSBC Pioneer – a 12-month programme for fast growing businesses, and International Business Banking – a proposition to support SMEs to go global.
"SMEs are the lifeblood of Singapore's economy and they are also the businesses that are working on such tight operational margins. We're excited to have been able to bring this development to market which we feel will smoothen the path for them to access finance. We've worked closely with NTP and VCC to integrate end-to-end API technology which will significantly expedite the financing process, a key determiner of operational continuity for SMEs who rely on the availability of immediate cash flow," said HSBC Singapore Head of Global Trade & Receivables Finance Iain Morrison.