HSBC closes key trade finance transaction in Bahrain

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HSBC Bahrain completed a trade finance transaction for Bahrain Steel using electronic bill of lading and ePresentation capabilities, marking a step towards paperless trade in the region.

The move aligns with Bahrain’s Vision 2030 for digital transformation, said HSBC Bahrain chief executive Joseph Ghorayeb. “This transaction highlights our commitment to providing corporates with digital solutions to optimise working capital and treasury operations,” he added.

The import transaction utilised ICE CargoDocs’ eBL and ePresentation functionalities, streamlining a traditionally document-heavy process. This digitalization reduced transaction completion time from days or weeks to mere hours, boosting efficiency and cost-effectiveness.

Bahrain, the first country to adopt the UNCITRAL Model Law on Electronic Transferable Records (MLETR), provides a supportive legal framework for such digital trade practices.

“This milestone transaction reflects our dedication to embracing Industry 4.0 digital technologies, core to our business model,” said Bahrain Steel Group chief executive Dilip George. “The eBL and ePresentation are key components of our digital supply chain ecosystem, fostering agility and transparency for efficient business operations.”

“We are thrilled to support HSBC Bahrain and Bahrain Steel in their digital trade transformation journey,” commented ICE Digital Trade director for customer success Katerina Anagnostara. “Bahrain remains a frontrunner in digital trade innovation, and we look forward to facilitating paperless trade adoption for local stakeholders, promoting secure, transparent, and sustainable trade practices.”

“As the world’s leading trade bank, we leverage our global trade finance expertise to offer innovative, digital, and bespoke solutions to our corporate clients, catering to the evolving needs of the market,” concluded HSBC Bahrain head of global trade solutions Cheryl Menezes.