HSBC has successfully executed a blockchain-enabled, trade finance transaction between Chinese car manufacturer, SAIC Motor and the Taajeer Group, Saudi Arabia’s exclusive agent for MG cars. Conducted on the Contour platform, this is a regional first for the automotive sector and the first transaction of its kind in the Kingdom.
The Contour platform enabled end-to-end digitisation of the credit documentation required for Taajeer to import a shipment of cars from SAIC in a process that is up to 10 times faster than using physical documents.
Chaker Zeraiki, Head of Global Trade & Receivables Finance for HSBC UAE, said: “Our digitising at scale means making customers’ lives easier and, with Contour it means we’re cutting costs, reducing risk and speeding up trade. Bringing these benefits to the automotive sector and Saudi Arabia are a measure of our international connectivity and our global leadership in trade banking.”
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