HSBC retains the award for best bank for transaction services for the third straight year thanks to its ability to adapt to the pandemic and the rapidly changing needs of regulators and its customers. In the Middle East that means being there when it matters. The bank processed $552 billion in payments and $54 billion in trade for 15,000-plus clients last year.
Overseen by Sunil Veetil, head of global trade and receivables finance, Middle East, north Africa and Turkey, HSBC rolled out a host of new services and upgraded others. A shining example was the Business Virtual debit card, a first-of-its-kind offering aimed at UAE-based corporates that aids cash flow forecasting.
In December 2020, the bank went live on the Contour blockchain – the first major lender to do so – two months after its launch. HSBC reckons it has been able to cut processing times for letters of credit to 24 hours, from between seven and 10 days.