HSBC launches new service for corporates in UAE

This introduction strongly compliments HSBC's impressive range of corporate financial services and products, by providing domestic and international factoring for businesses trading on open account payment terms. HSBC is a world leader in global trade services and is one of the largest international providers of factoring services.

Members of the business community attended a seminar hosted by HSBC at the Le Meridian, Dubai on 1 September to learn how factoring could improve their sales turnaround and provide an instant solution to their cash needs. HSBC invited Mr. Jeroen Kohnstamm, Secretary General of Factors Chain International to address the participants at the Seminar.

The factoring service allows businesses to receive a pre-agreed percentage of the value of their invoices as soon as the goods are shipped (or the services are rendered), with the balance, less charges, being paid when the buyer pays. HSBC also undertakes to collect the payment from the buyer and provides a credit protection service when required.

HSBC's Factoring Services Manager, Mr. Dilip Hiremath, said, "We have a team of dedicated professionals to ensure that payments are collected efficiently and who will at the same time promote a stronger seller-buyer relationship. HSBC's factoring service allows customers to outsource time consuming collection procedures, and has been widely adopted elsewhere. Factoring allows businesses to tap into the potential of their sales ledgers and freeing up their valuable time and resources - turning today's sales invoices into tomorrow's cash flow."