HSBC paves way for SMEs to access receivables finance quicker

Using Singapore's Networked Trade Platform, funding can be obtained in just 15 minutes instead of a day traditionally

Published Tue, Sep 22, 2020 · 09:50 PM

Singapore

HSBC on Tuesday said it has closed the first receivables financing deal on Singapore's Networked Trade Platform (NTP), paving the way for small and medium-sized enterprises (SMEs) to access funding in just 15 minutes, down from a day traditionally.

The NTP, launched by the government in September 2018, is a platform which digitises paperwork to make government certification and third-party commercial services simpler.

HSBC's launch of the Receivables Finance programme on the NTP comes after the completion of a receivables financing transaction with Singapore-based SME, Exceltec P…