UK-based financial services company HSBC has launched a document-free digital trade finance solution named HSBC TradePay. With HSBC TradePay, clients gain the ability to instantly access trade loans and make supplier payments.

The product also offers a swift and entirely digital method for businesses to pay suppliers, ultimately enhancing their working capital. According to the official press release, Businesses utilising HSBC TradePay gain precise control over the timing of their trade payables, and since loan processing takes less than a minute, Just-In-Time financing becomes feasible. In essence, the solution simplifies loan disbursement through a straightforward payment file upload, with payments directed to suppliers.

Moreover, notifications are automatically dispatched to both parties upon completion, ensuring transparency.  Representatives from HSBC talked about this new product launch and emphasised the aim of the company's global trade solutions, which is to facilitate confident trading for clients while unlocking working capital. In this context, HSBC TradePay is an important digital solution that enables companies to efficiently access trade loans and pay suppliers, enhancing their working capital and supporting better connections with their trading partners. At the time of writing, HSBC TradePay is accessible in Singapore, Hong Kong and the UAE.

HSBC aims to expand the system to the UK in October 2023, followed by India and Australia in November. Additional countries could benefit from HSBC TradePay in 2024. Other developments from HSBC In September 2023, HSBC UK collaborated with Nova Credit to offer newcomers in the UK the option to include international credit history when applying for a credit card.

Through this collaboration, newcomers to the UK gained the ability to leverage their international credit history right away and free of charge when applying for a credit card with HSBC UK. New and existing customers applying for an HSBC UK credit card online can choose to share their credit history from a growing list of 12 countries. These countries are Australia, Brazil, Canada, the Dominican Republic, India, Kenya, Mexico, Nigeria, the Philippines, Spain, Switzerland, and the US.

In August 2023, HSBC partnered with B2B fintech Tradeshift to launch a jointly-owned business focused on Embedded Finance solutions and financial services apps. As part of this agreement, HSBC agreed to make a USD 35 million investment into Tradeshift in two stages and join its board. The agreement was part of a funding round was expected to raise a minimum of USD 70 million from HSBC and other investors.

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