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Home Supply Chain Updates

HSBC Launches Digital Supply Chain In Sri Lanka

usscmc by usscmc
November 8, 2019
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HSBC has revealed that it is launching a web-based supply chain platform specifically for Sri Lanka apparel exporters, allowing them to make early payments to suppliers.

Launched last month, the Supply Chain Financing platform can help exporters optimize working capital, while also reducing costs and manual errors. In addition, buyers can optimize payment terms, as well as boost liquidity and payment efficiency.

“By injecting liquidity into the supply chain, they can extend supplier network and enhance strategic supplier relationships,” said Ajay Sharma, the Regional Head of Global Trade & Receivables Finance for HSBC in Asia Pacific.

The solution enables buyers to upload several invoices at once, and can also help users estimate future cash flow through the use of data in various formats. Suppliers chosen to join the platform will receive early payments based on buyers’ credit ratings.

Nikhil Dhar, senior structured trade solutions manager, HSBC Hong Kong, noted that suppliers don’t even need to be HSBC’s customers or maintain accounts with the bank to participate in the platform, which supports over 20 languages including English, French, Japanese, Chinese, Italian and German.

“With this program, suppliers may effectively decrease ‘Days Sales Outstanding’ and enjoy additional working capital without leveraging bank credit lines. It also minimizes collection, cash management and insurance costs,” he said.

HSBC has been making recent strides in supply chain. In August, HSBC became the first bank to use blockchain supply chain finance platform we.trade to execute a trade finance transaction.

“We’ve done a number of transactions. It’s a pilot,” HSBC U.K. Head of Global Trade and Receivables Finance Ian Tandy said at the time. “This is the first transaction where we have had two buyers use the system end-to-end, including the ability to write the invoice, agree to trade terms, provide the BPU and additionally receive funding off the back of that BPU.”

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