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HSBC, Asian Development Bank partner for Covid-19 supply chains support

Thursday 30 July 2020 10:54 CET | News

HSBC and the Asian Development Bank (ADB) have announced a supply chain finance programme to support companies that provide Covid-19-related supplies.

The programme is supposed to enable up to USD 1.2 billion a year of additional trade by Asian SMEs. The agreement has led to the mapping of more than 10,000 Covid-19 suppliers across the region. This transparency into medical supply chains will enable the financing of critical supplies that may otherwise not be possible, reveals HSBC in a statement, as reported by gtreview.com.

In June 2020, ADB revealed a mapping tool to make global medical supply chains more transparent and trades easier to finance by listing the suppliers of critical Covid-19 goods, including masks, gowns, and ventilators, as well as the manufacturers of components that make those products, and the banks that finance them. 

The tool enables governments, banks, investors, and healthcare professionals to trace the companies that make each component in products, avoiding faulty or fake goods which has become an increasing risk since the start of 2020.


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Keywords: HSBC, Asian Development Bank, covid19, supply chain finance, Asian SMEs, medical supply chains, financing, suppliers, banks, manufacturers, investors, healthcare professionals
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Asia
This article is part of category

Banking & Fintech