HSBC has been named the world’s leading bank for trade finance for the third year in a row in the Euromoney Trade Finance Survey.
The financial services magazine asked more than 7,000 businesses involved in global commerce to rank and assess their top providers of trade financing.
A step closer to paperless trade
HSBC has supported a groundbreaking blockchain trade finance deal in China’s Greater Bay Area.
In addition to naming HSBC the global market leader, clients voted the bank into first place in four regions – Africa, Asia-Pacific, the Middle East, and North America – and 22 individual markets, including the UK and Hong Kong.
Natalie Blyth, Head of Global Trade and Receivables Finance, HSBC, said: “This is a vote of confidence from clients that the work we are doing with them on our strategy, investment and execution is really delivering.”
Supporting international trade has been at the heart of HSBC’s business model since the bank was founded in 1865.
Today, it facilitates approximately USD740 billion of trade worldwide each year. Trade is also key to HSBC’s ambitions for the future. The bank is investing in digital technology to help customers do business across borders quickly and safely.
In 2019, for example, HSBC completed the first cross-border blockchain transaction involving mainland China. The bank also introduced automated technology in anti-money laundering and sanctions checks as part of its drive to tackle financial crime – a first in the trade finance industry.
“As the world’s leading trade bank, we are making trade easier and more accessible and take our responsibility to transform the industry seriously,” Mrs Blyth said. “We are harnessing innovative and scalable new technologies, such as artificial intelligence, robotics and blockchain, as we continue making progress on our trade transformation journey.”