Digital solution to benefit all suppliers of Unilever Bangladesh
The Hongkong and Shanghai Banking Corporation and Unilever Bangladesh this month conducted their first transaction using HSBC’s supply chain finance platform, known as the HSCF.
The HSBC Supply Chain Finance (HSCF) is an electronic platform which benefits both the bank’s customers and their trade partners through automation and enhanced usability.
The digital solution provides working capital finance at competitive prices to Unilever Bangladesh and its network of suppliers, said a press release.
The solution digitizes the end-to-end process of financing the invoices raised by Unilever Bangladesh’s suppliers.
No manual intervention is required from approval of the invoices to crediting the proceeds to suppliers account.
The proposition is 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 also provides ‘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.
“We see digitizing Unilever Bangladesh’s supply chain finance as an enormous opportunity to make doing business easier not only for our customers, but their suppliers too. 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 from the speed and simplicity of our digital services,” said Md Mahbub ur Rahman, CEO of HSBC Bangladesh.
“We are happy to partner with HSBC who has brought such innovative solution which will yield robust and cost-effective financial services. Most importantly, it will allow our small and medium suppliers access to finance at highly competitive rates,” Kedar Lele, chairman and managing director of Unilever Bangladesh.
HSBC processes over $1 million worth of trade turnover every minute, delivered through superior technology and platforms necessary to help manage trade risk, process trade transactions and fund trade activities, ultimately making it easier for businesses to connect to new markets and trade partners around the world.