HSBC chosen 'best bank' in Qatar, region for trade finance by Euromoney
March 02 2021 06:00 PM
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Elie Maroun el-Asmar
Elie Maroun el-Asmar

HSBC has been chosen the best bank in the country and the region for trade finance service in the 2021 Euromoney trade finance survey.

This is the fifth consecutive year that HSBC has received this award in Qatar.

“This international poll of thousands of companies around the world is the latest customer endorsement of HSBC’s commitment to keeping trade flowing smoothly, despite the disruption brought by the COVID-19 pandemic,” said Sunil Veetil, head (Global Trade and Receivables Finance for HSBC in the Middle East, North Africa and Turkey- MENAT).

As Covid-19 swept across the world in 2020, HSBC worked closely with clients and responded quickly to minimise disruption to their supply chains by equipping them with the tools to use HSBC’s digital channels and maintain the flow of essential goods around the world.

More than 80% of HSBC’s trade transactions in the Middle East were completed digitally in 2020, with 75% processed in less than 24 hours.

Technology has been an investment priority for HSBC in MENAT. The bank is increasing the use of machine learning and robotics to automate manual processes, enabling HSBC turnaround the transactions quickly for its customers and allowing teams to focus more on providing direct support to customers.

In 2020, HSBC launched the second generation of Cognitive Automation Technology, which allows more effective capture of details from trade documents with increased security and transaction speed. In 2021, the Bank is working on commercialising it Contour based Block Chain technology to process trade transactions.

Elie el-Asmar, country head (Commercial Banking in Qatar) said, “We are grateful for the positive feedback from our customers. In Qatar we focused on providing uninterrupted and seamless delivery of our trade services during an extremely difficult year. We were able to connect more customers to our world class digital platforms that gave them easy access to their transactions at all times.”

 



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