Excellence Awards 2017 - Best Trade Bank for Innovation and Technology: HSBC

Awards | 1 August 2017

Innovation & Technology

In this new category that recognises the bank that has done the most to develop innovative partnerships and trade solutions, as well as bringing new digitised platforms and practices to the market, HSBC emerged as the clear winner.

HSBC started the year by teaming up with six other banks to form a consortium that is developing the Digital Trade Chain, which is a blockchain-based trade finance platform aimed at SMEs.

This was followed by a strategic partnership with Tradeshift, which has the goal of developing a digital platform that allows clients to manage their global supply chains and working capital needs - the platform has been operational since July.

The bank has also partnered with GT Nexus. This collaboration allows customers to improve their operational efficiency through a cloud-based supply chain platform, and helps simplify supplier finance.

"Innovation is key to ensuring we continue to meet clients' needs. HSBC is committed to leading the industry wide trade transformation," said Vivek Ramachandran, head of product and proposition, global trade and receivables finance.

"With strategic partnerships and a culture that champions creativity, we have been able to deliver industry leading solutions for our clients. This is a fantastic achievement and I'd like to thank everyone who made it happen."

HSBC also received recognition in the TFR Deals of 2016 awards, with its US$250m e-Presentation letter of credit deal being highly commended.

The bank also rolled out its well-received LinkScreen platform for SMEs in Mexico and the US, following a successful pilot in the UK (see above).

Runners up: Bank of America Merrill Lynch and Standard Chartered (10 banking technology providers were nominated).

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