HSBC is starting the global rollout of HSBC TradePay, the document-free supplier finance solution that it soft-launched in Singapore last year.
With a claimed loan processing speed of under a minute, the solution allows companies to upload a payment file and have their suppliers paid directly from an agreed loan that is only drawn down as each supplier is paid. Once each payment is completed, notifications are automatically sent to both parties.
Tradepay is now live in Hong Kong, Singapore, and the UAE, and will be available in the UK from October, in India and Australia from November, and in additional countries in 2024.
Bhrigu Singh, Chief Product Officer, Global Trade and Receivables Finance at HSBC said: “Our global trade solutions are designed to help our clients trade with confidence and unlock working capital. In line with this approach, HSBC TradePay is an innovative digital solution that enables companies to seamlessly drawdown trade loans and pay suppliers, improving their working capital while building stronger relationships with their trading partners.”
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