Trish Ramos, head of global trade and receivables finance at HSBC Philippines, said the HSBC Supply Chain Financing (HSCF) digital platform went live and functional last April instead of its original launch this month to enable corporate customers to efficiently and securely access and manage trade financing transactions online at any time.
STAR/File
HSBC launches supply chain financing tool
Lawrence Agcaoili (The Philippine Star) - June 23, 2020 - 12:00am

MANILA, Philippines — British banking giant Hongkong and Shanghai Banking Corp. Ltd. (HSBC) has launched a digital platform in the Philippines to ensure efficient, undisrupted supply chain processes and transactions by allowing customers direct access and management of their accounts anytime, anywhere.

Trish Ramos, head of global trade and receivables finance at HSBC Philippines, said the HSBC Supply Chain Financing (HSCF) digital platform went live and functional last April instead of its original launch this month to enable corporate customers to efficiently and securely access and manage trade financing transactions online at any time.

Malacañang placed the entire Luzon including the National Capital Region (NCR) under enhanced community quarantine on March 16 to limit the spread of coronavirus disease 2019 or COVID-19.

“When Metro Manila was placed under enhanced community quarantine in mid-March, physical mobility was disrupted, putting a strain on banking services. This challenge made us realize the importance of providing alternative channels to our customers,” Ramos said.

Upon seeing the need to provide an immediate solution to customers while the city was under quarantine, Ramos said HSBC expedited the launch of HSCF.

“HSCF addresses what most corporate customers need during times of uncertainty – being able to manage their trade accounts in real time through a secure and reliable digital platform,” Ramos said.

By subscribing to the HSCF platform, clients would have continuous access to their supply chain finance transactions, allowing them to optimize agreed payment terms with sellers, influence cash flows, inject liquidity into the procurement portion of their supply chain, and manage their supplier relationships.

As one of the first customers to use the HSCF digital platform, Engtek Precision Philippines Inc. successfully processed and remitted payments to its suppliers despite the government-mandated lockdown that limited mobility in Metro Manila.

HSBC Philippines chief executive officer Graham FitzGerald said the bank is grateful to Engtek for trusting HSBC to carry out their banking processes amidst such challenging circumstances.

“We are excited to grow the HSCF user base and grant more customers the benefits and ease of executing supply chain finance transactions digitally. This is a testament to our commitment to ensuring efficient, undisrupted supply chain transactions among all our partners and enhancing our services through digital innovation,” FitzGerald said.

HSBC
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