HSBC Releases Documentless Trade Solution “TradePay”
(26 September 2023 – Hong Kong) HSBC announced the launch of HSBC TradePay, an industry first, Documentless trade finance tool allowing corporates to drawdown trade loans and settle suppliers instantly.
HSBC TradePay is a faster, simpler, 100 percent digital way for companies to seamlessly pay suppliers and improve their working capital position. Corporates gain complete control over the timing of their trade payables.
With loan processing speed of sub one minute, HSBC TradePay makes Just-In-Time (JIT) financing a reality. The solution streamlines loan drawdown with a simple payment file upload and suppliers being paid directly. Once completed, notifications are automatically sent to both parties, improving supplier network communication channels and transparency – a perennial pain point for corporates according to East & Partners research.
HSBC TradePay is available in Hong Kong, Singapore, and the UAE now while the facility will be available in Britain from October, in India and Australia from November, and in additional countries in 2024.
“Our global trade solutions are designed to help our clients trade with confidence and unlock working capital. In line with this approach, HSBC TradePay is an innovative digital solution that enables companies to seamlessly drawdown trade loans and pay suppliers, improving their working capital while building stronger relationships with their trading partners” commented HSBC Chief Product Officer, Global Trade and Receivables Finance, Bhrigu Singh.