HSBC's unit in the Philippines has said it is ramping up its digitisation efforts to be more cost-effective and has launched a tracker that allows customers online access to their letter of credit (L/C) transactions.

The bank said last year that it plans to spend as much as US$17 billion in the next three years, in line with efforts to digitise a third of its banking services.

Digital advantages

"Digitisation is the next logical step in enhancing our products and services offering for corporate customers," HSBC Philippines' head of wholesale banking Michael Brennan said in an emailed statement.

"It reduces costs and improves access to information, making trade more inclusive and accessible to corporates and consumers," he said.

L/C visibility

The bank has also launched its Trade Transaction Tracker initiative, which provides customers online access to their trade transactions, including L/Cs, collections, and guarantees.

Additionally, the bank has launched a mobile application that allows clients to access accounts globally to view account balances and approve payments anywhere, at any time.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.