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Industry roundup: 5 May

HSBC launches green deposits in the UAE

HSBC has launched Green Deposits in the UAE, which the bank says will give corporate and institutional clients a mechanism to make USD and AED deposits in the UAE knowing their funds will be used to finance green initiatives.

Clients will receive a quarterly, portfolio-level view of how their funds have been deployed to support green projects, and they will be able to manage their green account as simply as a regular deposit account.

"With the UAE pursuing an increasingly ambitious green agenda, our clients have been asking us for solutions that enable them to manage their capital in a more environmentally responsible way," said Philippe Robert, interim head of Global Liquidity and Cash Management in the Middle East, North Africa and Turkey (MENAT) at HSBC. "While there is still a long way to go to meet critical global climate targets, launching Green Deposits in the UAE reflects the increasing awareness of sustainability and will help embed sustainable finance into corporate treasury management."

"Corporate customers can now incorporate a sustainability agenda into their treasury activities with a simple deposit product, contributing to a greener and more resilient future for the UAE," added Alok Vijayvergiya, regional head of Liquidity and Investments in MENAT at HSBC.

The UAE recently submitted its second Nationally Determined Contribution (NDC) to the Secretariat of the UN Framework Convention on Climate Change, which includes a target of reducing greenhouse gas emissions by 23.5% compared to business as usual for the year 2030. To help the UAE and economies across the region achieve their climate targets, in January 2021, HSBC formed a dedicated Sustainable and Transition Finance Team for the Middle East.

 

Societe Generale taps iGTB to help clients optimise liquidity management

Intellect Global Transaction Banking (iGTB) has announced it will support Societe Generale in implementing its Liquidity Management Solution (LMS). In a statement, iGTB noted that while 2020 was a year of great resilience, it highlighted the urgent need for banks to deliver to their corporate clients significantly increased sophistication in corporate treasury and liquidity management through automation and digitalisation. New capabilities are required to meet the combined challenges presented by negative interest rates, restrictions on cross-currency and cross-border cash pooling, increasing expectations for self-service and delivering cross-functional efficiencies to corporate treasurers. At the same time, financial institutions have been carefully shoring up balance sheets and driving operational efficiencies to ensure appropriate levels of strength to contend with an uncertain economic environment.

iGTB's LMS, and its associated Liquidity Management suite of products, is designed with the premise that every euro of corporate liquidity will - at some stage - be a euro of bank liability. LMS's real-time cash pooling is augmented with an array of tools for the corporate treasurer to deliver fully automated liquidity management across multiple accounts, multiple entities, multiple currencies, multiple geographies and multiple banks. To support the symbiotic relationship between the corporate treasurer and the bank, the Liquidity Management suite offers processors to improve the bank's balance sheet metrics and, simultaneously, deliver appropriate value to corporate liquidity and deposits.

"The decision of Societe Generale to choose iGTB to support the bank with its digital transformation journey and growth plans is a reflection of Societe Generale's commitment to increase customer satisfaction while preparing for the future," commented Manish Maakan, CEO of iGTB. "This new liquidity management partnership means that four of the six largest banks in Europe are clients of iGTB, reinforcing our position as the partner of choice for the world's largest financial institutions and underpinning our world-leading position in Liquidity Management and Transaction Banking."

 

Alviere and Currencycloud partner on multi-currency cross-border embedded finance solution

Alviere, a New York-based embedded finance platform provider, has announced a partnership with Currencycloud, a provider of B2B embedded cross-border solutions, to provide its enterprise-class clients with the functionality of Currencycloud’s Spark solution - a multi-currency e-wallet with individual IBANs that allows customers to pay, hold, convert and collect in as many as 38 currencies simultaneously. 

Alviere, through its Hive modular API technology, will be able to offer its large corporate clients the ability to embed financial services into their businesses and provide a full range of financial services to their customers. The technology behind both companies, combined with the speed of integration and breadth of offer gives Alviere increased capabilities and new business opportunities, in the form of providing real growth opportunities for their clients as they look to expand globally. 

"There is a real demand from our customers for cross-border functionality and it’s a strategic component of our growth," noted Steven Scofelia, chief of staff at Alviere. 

The Currencycloud Spark solution has been incorporated into Alviere’s Hive solution and is available today.

"There was an immediate synergy between us and Alviere - their customer-focused approach to delivery mirrors ours and it felt like a perfect match from the start," added David Heitzman, vice president of Sales & General Manager of North America at Currencycloud. "That we both see embedded finance as the next big step for business is fantastic and we are thrilled to support Alviere in delivering that for its clients."

 

Veem and Freightos partnership to enable more secure global sourcing for small businesses

Veem, a provider of online payment solutions, has announced that it will be partnering with Freightos.com, an online global freight booking platform. Through this partnership, Veem will become an available payments option on Freightos.com, offering users more ways to pay for international freight shipping.

The partnership comes at a time when demand for global sourcing and importing has rapidly accelerated for small business owners. The rise of e-commerce, particularly during COVID-19, helped drive an 83% increase in small businesses established in Q3 2020 and a 25% growth in e-commerce sales in the first 3 quarters of 2020. However, the 97% of US businesses that are SMB importers are limited by challenges when it comes to secure global payments and logistics. 

"Given the massive uptick in small and medium-sized businesses shipping internationally during the COVID-19 pandemic, it's the perfect time to complement our payment experience with Veem," said Ruthie Amaru, CEO of Freightos.

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