Hong Kong and Shanghai Banking Corporation (HSBC) launches e-Bank Guarantee to digitize trade finance
Banking & Finance
HSBC India has launched Electronic Bank Guarantee (e-BG) services to facilitate digitization of trade finance. HSBC is the first foreign bank in the country to provide this facility in collaboration with digital solutions provider National e-Governance Services Limited (NESL). The e-BG platform simplifies and expedites the process of issuing guarantees by introducing electronic stamping (e-stamping) and electronic signature (e-signing), effectively eliminating the need for paper documentation. It digitalizes every step from application to verification and delivery. This digital option provides almost instant processing, significantly reducing transaction cycle times. The work which earlier took 2-3 days will now be completed in minutes.
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