By Roubeeni Mohan
International bank HSBC Malaysia announced the launch of the HSBC Supply Chain Finance (HSCF) platform – a global tool with compelling benefits for the Bank’s customers and their trade partners through automation and enhanced usability, including the simplification of on-boarding suppliers.
The HSCF platform is an electronic platform that enables customers to upload approved invoices catering to basic file upload and Host to Host requirements.
“At HSBC, we are always looking for new ways to leverage technology to provide our customers with digital products and services that are simple, convenient and secure. The HSCF platform enables buyers to provide its suppliers access to competitive early payments, where interest rates are based on the buyer’s credit relationship with HSBC – benefiting both parties,” said Andrew Sill, Country Head of Commercial Banking, HSBC Malaysia.
Customers can transmit approved invoices and payment files to the bank anytime, anywhere, allowing for accelerated early payments to suppliers.
Beyond speed, the platform provides suppliers with visibility into the status of buyer-approved invoices from HSBC, even if the supplier is not a direct HSBC customer.
HSCF is the latest addition to HSBC Malaysia’s suite of digital trade capabilities, which will help support the nation’s aspiration for Malaysian Small and Medium Enterprises (SMEs) to make up 41% of Malaysia’s GDP by 2020. By adopting innovative trade financing services, customers can become more agile.