The Hongkong and Shanghai Banking Corporation Limited will provide digital solution for payment of salary, wages and other allowances to employees in apparel sector of Bangladesh through digital payment system HSBCnet.
HSBC and Babylon Group recently signed an agreement in this regard.
HSBCnet is an innovative digital banking solution platform by HSBC that facilitates all kinds of local payments without any manual intervention, said a press release.
HSBCnet effectively supports clients to achieve faster banking turnaround times, reduced costs and transparency across the payment cycle, the release said.
HSBC has extended remote printing facilities to Babylon Group. It will allow the group to print cheques from several office locations in Dhaka, Savar and Chattogram through a centrally managed Cheque Outsourcing Services, the release added.
HSBCnet offers a fast, simple and secure way to run one’s business. The solution eliminates the paper-based instructions typically required to process local payments, allowing clients to authorise transactions seamlessly – including via mobile application, it further added.
Kevin Green, Head of Wholesale Banking, HSBC Bangladesh, said, “Our vision is to enable simple, fast and secure payments for our customers through our technology propositions.”
Digitisation and the fast adoption of technologies continue to be critical for sectors that are vital, such as readymade garments. HSBC is developing and deploying some of the industry’s most advanced and innovative technology to make banking easier and more secure for our customers, he said.
Abdus Salam Sikder, Director of Babylon Group said, “The arrangement has brought significant improvement to our payment system and eased our payments to Mobile Financial Services (MFS) accounts on the same date of processing.”
