CEO of HSBC Qatar Abdul Hakeem Mostafawi.
Doha, Qatar: HSBC has launched a pioneering new ‘fast-track’ digital trade finance demand guarantee to help customers trade internationally in a more seamless, secure and efficient way.
The solution allows customers to issue digitally processed guarantees that can be issued to a beneficiary in real time, reducing issuance times from a typical 3-4 days down to potentially minutes, marking a significant
milestone for the banking
industry.
Abdul Hakeem Mostafawi, CEO of HSBC Qatar said: “HSBC Qatar is investing in the digital agenda of the country and offering market-leading solutions for trade transactions that are seamless and even more secure. Our global expertise combined with extensive knowledge of the local market make us the preferred international financial partner for our customers.”
Vivek Ramachandran, Global Head of Global Trade and Receivables Finance (GTRF) at HSBC said: “The digitisation of world trade is a driver of economic success. At HSBC, we are bringing together our extensive expertise and innovative technology solutions to make paperless trade a reality for our customers.
Wassim Maksoud, Director, CFO, KPMG Qatar said: “Digital Transformation, innovation and Technology solutions are key items on KPMG’s agenda. Partnering with HSBC Qatar to process the first STP (Straight Through Processing) bank guarantee issuance globally, with zero human intervention, and in a matter of minutes, makes a significant leap in the digitization of trade finance. We are excited to see more of such digital capabilities which we anticipate will open a world of opportunities in the industry”.
