HSBC launches cross-border trade finance

The Hongkong and Shanghai Banking Corporation said it has completed the first batch of cross-border trade finance transactions after the phase two connectivity between Hong Kong's eTradeConnect and The People's Bank of China Trade Finance Platform was completed and moved on to trial operations yesterday.

HSBC said it has arranged trade financing for a number of companies engaged in import and export trade in the Greater Bay Area, including Asia Global Logistics and Smart Chain Enterprises in Hong Kong.

Deeper connectivity between eTradeConnect and PBCTFP would enable cross-border transactions to become more secure, convenient and transparent. Banking institutions can also benefit from better control and risk management while providing businesses with cross-border trade financing, said Frank Fang, its head of commercial banking for Hong Kong.