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HSBC TradePay Reaches $1BN Asset Mark
HSBC’s industry-first, fully digital trade finance solution, TradePay, has made $1bn of trade finance available since launching in September 2023.
Through HSBC TradePay, clients can drawdown trade loans and pay suppliers seamlessly in a faster, simpler way. By uploading a simple payment file onto the platform, payments are typically processed in under a minute.
HSBC TradePay is one of several solutions that HSBC is delivering to facilitate the move towards the digitisation of trade and transforming historically paper-based solutions to support clients in preparation for a digital future. Other solutions include a digital trade finance demand guarantee, which was launched last year.
Bhrigu Singh, Global Chief Product Officer, Global Trade Solutions at HSBC said:
“Reaching this milestone is testament to HSBC TradePay being a truly innovative digital solution for businesses. Through solutions like this, combined with the reach of the HSBC network, we’re helping customers capture global growth opportunities and build stronger supplier relationships while trading.”
HSBC TradePay is currently available in 20 markets, including Australia, Hong Kong, India, Singapore, the UAE and the UK, with plans to launch in additional markets by the end of this year.
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