As part of the bank's strategy to scale up its SME business in Singapore, HSBC Singapore is enabling SMEs to access and utilize receivables financing via Singapore’s Networked Trade Platform (NTP).
The bank, which is the first to integrate API on NTP, said on Tuesday that it successfully concluded a trade deal with Singapore-based SME Exceltec Property Management via the platform.
HSBC's business banking customers that sign up to NTP via vCargoCloud (VCC) CamelONE Trade Finance will now be able to send receivables finance transactions directly to HSBC, instead of using several interfaces that reach out to multiple banks, HSBC said.
Receivables financing is when a business receives funding based on issued invoices. Previously, businesses reliant on receivables finance have had to apply directly to their bank, as opposed to on the NTP. HSBC said it worked closely with NTP and VCC to integrate end-to-end API technology to «significantly expedite» the financing process.
Expediting Financing
The NTP a one-stop trade and logistics ecosystem that connects players across the trade value chain in Singapore and abroad, bringing down trade processing time from about one week to a day. The platform is part of a wider concerted effort by the Singapore government to drive an industry-wide digital transformation in trade and logistics.
«NTP’s API infrastructure is built for easy integration by banks and participants to offer competitive turnaround times for their services and enables traders to access a wide range of trade services, perform regulatory requirements and obtain financing, all through a single sign-on experience,» Choo Wai Yee, director of NTP Office, said about the platform.
SME Focus
HSBC Singapore previously announced its strategy to scale-up its SME business and increase its share in the market to 15 percent by 2021.
Since then, it has launched a number of products and initiatives, including the online banking platform HSBCnet for SMEs, SME Green Loans that draw directly on existing green certifications from Singapore industry authorities, and HSBC Pioneer – a 12-month programme for fast growing businesses.