With global trade facing unprecedented complexity, HSBC is redefining its approach by investing heavily in technology, talent and innovative partnerships. GTR recently sat down with Tom Elliott, managing director, chief operating officer, Global Trade Solutions at HSBC, to get the inside track on the bank’s strategy to maintain its leading position and deliver exceptional client service.

 

GTR: What motivated HSBC to rebrand from Global Trade and Receivables Finance (GTRF) to Global Trade Solutions (GTS) and how does this fit into your broader strategy?

Elliott: The shift to Global Trade Solutions reflects the seismic changes taking place within the external trade environment. HSBC remains the clear market leader as the world’s biggest trade bank. The new brand emphasises our commitment to delivering tailored solutions for clients navigating complex global trade dynamics. Our strategy centres on client needs, providing expertise to optimise working capital and manage cash flows effectively. Supply chain reconfigurations, shifting geoeconomics, accelerating digitalisation and increasing prevalence of services trade all add both complexity and potential to the operating environment. Our role is to assist clients in navigating these challenges successfully. Trade continues to be integral to the global economy, and we are positioned to help clients capitalise on the opportunities this presents, despite increasing global complexities.

 

GTR: How does the bank look to balance its global reach with the agility needed to innovate quickly?

Elliott: We describe it as ‘the power of big, but the culture of small’. HSBC has extensive resources and deep global reach and experience, yet our teams operate with the energy, flexibility and responsiveness typically found in smaller firms. We combine this global strength with local insights, enabling our people on the ground to quickly address specific client needs and regional nuances. This approach helps to ensure we maintain operational excellence and client-centric agility at every step.

Another aspect is the increasing recognition in financial services, through the way technology is changing and some of the leading-edge capabilities are emerging, that banks do not have to nor should build everything in-house. We’re focused on achieving the correct blend between internal builds – where we leverage our IT, software engineering and coding resources – and what’s out there in the market.

 

GTR: On that point, what is your partnership strategy with technology providers as part of the bank’s trade transformation journey?

Elliott: Partnering with technology providers is an essential piece of the puzzle. Banks no longer need to build every solution themselves. Instead, we can combine internal expertise with external innovation. For example, we work with a company called Raft AI in a way that significantly boosts our operational efficiency. They help by automating processes that convert unstructured data into structured data, streamlining operations, and enhancing the client experience. Additionally, our collaboration strategy extends beyond just technology adoption. We actively invest in promising fintech companies through our corporate venture capital arm to enhance our capabilities further.

 

GTR: Looking at the internal side of the tech journey, tell us how you’ve approached replatforming your core trade systems.

Elliott: We’ve embarked on a significant, multi-year project to overhaul our core trade platforms across HSBC. It’s been a considerable investment, financially and in human resources and planning. That’s now operational in more than 22 markets and tens of thousands of clients have migrated onto the new system. The impact has been tangible, including faster processing times, accuracy rates and improved client satisfaction. Successfully delivering this large-scale implementation while ensuring uninterrupted service to our clients speaks volumes about our commitment to operational excellence. We’re continuing to drive this to ensure we get the full commercialisation benefits out of this huge deployment

 

GTR: How does HSBC evaluate and prioritise its technology investments?

Elliott: We assess technology through several lenses, such as operational resilience, regulatory compliance, client outcomes and employee usability. Investments must simplify workflows, automate controls and reduce risks. When our internal processes become smoother, our teams spend less time on routine tasks and more time delivering personalised client service. Equally, the intuitive user interfaces and accelerated transaction processes we develop have significantly enhanced our clients’ direct interactions with HSBC, ensuring we deliver maximum value from each investment.

 

GTR: Can you give a practical example of recent technology-driven products you’ve launched?

Elliott: HSBC TradePay, which we launched in late 2023, is an excellent example. Thanks to its fully digital, automated workflow, it enables clients to access trade financing in as little as one minute. We’ve approved US$6bn in credit limits, and clients frequently comment

on how it feels like a fintech experience as it is fast, intuitive and straightforward. This has resonated particularly well because we know how speed and ease of use are increasingly critical to our clients, so TradePay has reinforced our competitive advantage as a global bank that moves with fintech agility.

 

GTR: We know that HSBC has invested in fintech startups, so how do such investments support your broader strategy?

Elliott: Our investment in Dowsure Technologies, a fintech based in China specialising in e-merchant financing, is an excellent example of our strategy to collaborate closely with innovators. Dowsure provides embedded financing solutions directly within e-commerce platforms, using detailed merchant data to tailor lending solutions instantly. Such partnerships extend our capabilities significantly and help clients access financing seamlessly, and this approach is central to our forward-looking strategy.

 

GTR: What specific strategies is HSBC GTS using to strengthen its leadership in trade transformation?

Elliott: Vivek Ramachandran, our head of Global Trade Solutions, has outlined five key priorities that really speak to this point. First, we invest heavily in developing our people, as their expertise and passion drive our success. Secondly, we’re commercialising our digital and technology investments, the most prominent of which is our front-to-back platform HSBC Trade Solutions. This ensures clients see tangible benefits in productivity and ease of use. We are also continuously innovating our digital offerings, TradePay being a prime example. Additionally, we also support clients in integrating sustainable practices into their supply chains. Lastly, we have a strong focus on structured working capital solutions like supply chain and receivables finance, which are critical for helping business optimise the way they run. In a changing world, which may see adjustments and extensions to working capital cycles, these solutions become even more crucial to businesses.

 

GTR: Can you sum up how HSBC stays responsive to client needs in today’s evolving trade environment?

Elliott: We prioritise listening to our clients and understanding their specific challenges. Our product innovations, such as TradePay and embedded financing solutions like those with Dowsure, come directly from this close client engagement. Additionally, we’re investing in advanced data analytics and artificial intelligence, enabling us to anticipate client needs proactively and consistently deliver relevant, tailored solutions. Our goal remains clear: to stay ahead of market changes by combining global insight with deep client relationships, ensuring HSBC continues to lead in trade finance.