HSBC, BEA Answer Business Calls for Better Digital Services

Regulations, data privacy concerns, legacy integration works and general resistance to touching core banking apps have kept many Hong Kong banks from fully embracing digital transformation for B2B banking.

Two recent announcements show that things are about to change.

The Bank of East Asia (BEA) recently announced that it had upgraded its existing digital trade platform to allow its SME customers to trade easier while meeting industry standards.

The platform will run on Finastra’s latest Fusion Trade Innovation platform, a digital trade finance platform that is SWIFT (The Society for Worldwide Interbank Financial Telecommunication) compliant.

The latest functionalities allow BEA to significantly optimize efficiencies, enhance service propositions, and reduce operational risk. According to the press announcement, the new upgrade enhances data access that can help to improve its products, services and pricing “with greater insights into client risks, exposures, and their end-to-end supply chain.” 

“This latest investment in upgrading our digital trade finance capabilities will allow us to increase our trade transaction volumes, design and roll out new trade solutions to the market faster and more efficiently, as well as seamlessly scale up operations to keep pace with our customers’ aspirations in the region,” said Daniel Lo Wai Sang, general manager and head of Operations Support & Services Division at BEA.

Meanwhile, HSBC is launching a new Liquidity Management Portal to allow its corporate and financial institution clients in 54 countries to better manage their global cash positions through investments and funding.

The portal includes a Liquidity Management Dashboard, which uses data visualization to give Treasurers an accessible, real-time view of their cash and cash-equivalents, across multiple banks and products.  

It builds on HSBC’s market-leading liquidity management and deposit propositions, including HSBC Global Liquidity Solutions and HSBC Liquidity Investment Solutions and features self-service tools.

"Having timely and accurate liquidity data at your fingertips is essential for any treasurer. HSBC's Liquidity Management Portal provides an intuitive view of key liquidity performance indicators and enables clients to make faster and more informed decisions to mobilize funds across the diverse regulatory landscape in Asia,” said Kee Joo Wong, regional head of Global Liquidity and Cash Management, Asia Pacific, HSBC.