March 30, 2017 / 10:09 AM / 2 years ago

HSBC announces fintech partnership with Tradeshift

FILE PHOTO - The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo

LONDON (Reuters) - HSBC (HSBA.L) announced on Thursday a strategic partnership with financial technology company Tradeshift, that will allow the bank’s clients to manage their supply chains and working capital requirements digitally.

HSBC said it invested an undisclosed sum last June in Tradeshift, which connects 1.5 million companies over 190 countries.

The deal announced on Thursday, the latest in increasingly common partnerships between traditional banks and financial technology firms, will allow HSBC customers to automate the paper-heavy process of ordering and invoicing along supply chains.

“The upside for us is the ability to finance more clients, earlier in the production cycle,” said Vivek Ramachandran, an executive in HSBC’s global trade business.

Reporting By Lawrence White. Editing by Andrew MacAskill

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