HSBC voted Qatar’s 'best bank' for trade finance in Euromoney survey

Businesses in Qatar have voted HSBC "the best bank for trade finance in the country” in Euromoney’s Trade Finance Survey 2023.HSBC was also voted best bank for trade finance across the Middle East.HSBC said it took the top honours in all eight award categories in the Middle East, including the ‘Market Leader’ and ‘Best Service’ awards, as votes cast by thousands of businesses drove the bank to the top spot in the region.HSBC ranked first globally, scoring more than twice as many points as any other bank, with 48 first place ranking across the Middle East, Asia-Pacific, North America, and Latin America.The rankings represent the views of thousands of business customers on their preference for trade finance in the region.Patricia Gomes, regional head (Commercial Banking) at HSBC Middle East, North Africa and Turkey (MENAT) said, "This recognition reflects that our customers value our relentless focus on service, and our investments in digitising trade finance at scale. We are bringing customers of all sizes, smallest to largest, onto the same platforms, so that everyone can benefit from faster turnaround times, straight-through service, and easier access to credit facilities."As the world’s leading trade bank, supporting our customers and their growth ambitions by connecting them to international markets, faster, is our priority.”HSBC has co-created the blockchain-based trade finance platform- Contour, to digitise international trade, bringing down transaction lead times from five to 10 days to 24 hours.The bank’s new ‘Digital Receivables Finance’ portal has cut down waiting time for working capital from 60 days to less than 48 hours, significantly enhancing cash flow for Commercial Banking and Global Banking corporate clients."We appreciate our customers’ continuous support in Qatar where we have received this award for the sixth consecutive time this year,” said Abdul Hakeem Mostafawi, CEO, HSBC Qatar."Our specialist team in the country work hard to deliver excellent service and bespoke trade solutions for our loyal customer base,” he added.