The Hongkong and Shanghai Banking Corporation (HSBC) in Bangladesh has recently completed the country’s first insurance backed receivables finance transaction for MBM Garments.
\nThis proposition has been rolled out in line with HSBC’s own receivables finance model and within local regulation, wherein the customer gets early payment against their deferred term exports from HSBC Bangladesh, said a press release.
\nIt also comes with a bespoke insurance solution to cover and manage buyers’ non-payment risk through HSBC’s business partners, it said.
\n“We are extremely pleased to partner with HSBC on this first transaction under the proposition which will help us to get not only early financing on a non-recourse basis but also on default risk coverage by an Insurance company,” said Wasim Rahman, managing director of MBM Garments.
\n“This has opened up another avenue in our pursuit to seek innovative financing solutions,” he added.
\nMd Mahbub ur Rahman, chief executive officer of HSBC Bangladesh, said as the leading trade bank in Bangladesh, HSBC continues to offer innovative solutions to the customers dealing with cross border trade.
\n“Our global network and our ability to provide risk measured solutions will facilitate our customers to widen their international market,” he said.
\nKevin Green, country head of Wholesale Banking, said being the leading bank for global trade, HSBC is uniquely positioned to connect buyers and suppliers globally by leveraging its international network and structured product propositions.
\n“HSBC is proud to partner with MBM Garments Ltd in the first insurance backed receivable finance transaction in Bangladesh. I would like to take this opportunity to thank Bangladesh Bank for providing the necessary policy support to enable such transactions which can help Bangladeshi exporters to better manage liquidity
\nand risk.”<\/p>\n","protected":false},"excerpt":{"rendered":"

The Hongkong and Shanghai Banking Corporation (HSBC) in Bangladesh has recently completed the country’s first insurance backed receivables finance transaction for MBM Garments. This proposition has been rolled out in line with HSBC’s own receivables finance model and within local regulation, wherein the customer gets early payment against<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[4],"tags":[7748],"yoast_head":"\n