HONG KONG: In a first of its kind initiative, HSBC Holdings Plc is backing the launch of a technology startup that aims to connect small-and-medium-sized manufacturers with component suppliers in different parts of the world as part of its trade banking push.
"So, if you have got Facebook for your personal network, LinkedIn for your professional network, Serai is for your company," said Ramachandran, who previously worked at HSBC's commercial banking unit for more than three years. Global banks are boosting tech investments for trade and transaction banking - the workaday business of financing trade, managing cash and facilitating payments - amid growing competition and a shift in cross-border supply chains.Ramachandran said the technology platform would initially leverage HSBC's trade banking client network globally, and would expand the coverage later to include manufacturers and suppliers who are not the bank's existing customers.