HSBC digitalises Unilever’s supply chain finance
The Hongkong and Shanghai Banking Corporation (HSBC) and Unilever Bangladesh this month are said to have conducted their first transaction using an electronic supply chain finance platform of the lender.
The automated solution ensures working capital at "competitive prices" to Unilever Bangladesh and its supplier network, enabling end-to-end invoice digitalisation from approval to crediting accounts, says a press release.
The proposition is said to be small-to-medium-enterprise (SME) friendly as suppliers do not need to set up a credit limit, or need to change their current banking providers.
It is also stated to provide "a single point of truth" when managing data and supports all parties to save time, reduce manual errors and provide quick and timely updates when conducting business.
"The ability to offer competitive working capital finance across an entire supply chain means we can deliver a better experience and add value, especially to SMEs who can realise greater potential," said Md Mahbub ur Rahman, CEO of HSBC Bangladesh.
"By ensuring access to finance for our small and medium suppliers and helping them grow, we…help their families and communities become more prosperous, and thereby more resilient," said Kedar Lele, chairman and managing director of Unilever Bangladesh.
HSBC says it processes over $1 million worth of trade turnover every minute, delivered through technology and platforms necessary to help manage risks, process transactions and fund activities, making it easier for businesses to connect to new markets and trade partners around the world.