The bank, which is the first to integrate API on NTP, said that it concluded a trade deal with Singapore-based SME Exceltec Property Management via the platform.
HSBC's business banking customers that sign up to NTP via vCargoCloud (VCC) CamelONE Trade Finance will now be able to send receivables finance transactions directly to HSBC, instead of using several interfaces that reach out to multiple banks, HSBC said.
Receivables financing is when a business receives funding based on issued invoices. Previously, businesses reliant on receivables finance have had to apply directly to their bank, as opposed to on the NTP. HSBC said it worked closely with NTP and VCC to integrate end-to-end API technology to upgrade the financing process.
The NTP is a trade and logistics ecosystem that connects players across the trade value chain in Singapore and abroad, bringing down trade processing time from about one week to a day. The platform is part of a wider concerted effort by the Singapore government to drive an industry-wide digital transformation in trade and logistics.
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