BEA expands trade finance capabilities with Finastra

The Bank of East Asia has upgraded its implementation of the trade finance platform offered by Finastra (Image Asia-Pacific Images Studio / iStockPhoto)

The Bank of East Asia (BEA) has announced an expanded partnership with financial services software provider Finastra aimed at enhancing the bank's end-to-end digital trade capabilities and customer services.

The collaboration will involve the extension of digital trade finance capabilities to corporate and personal banking customers, including SME customers in Hong Kong, mainland China and overseas.

Under the collaboration, Finasta has upgraded to the latest version of Finastra's Fusion Trade Innovation platform to drive efficient inter-bank settlements and stay compliant with SWIFT protocols.

Fusion Trade Innovation is designed to allow banks to streamline and automate onboarding, data exchange and input for customers leveraging the SWIFT inter-bank network.

New functionalities in the latest version of the platform are designed to help banks optimize optimize efficiencies, enhance service propositions, and reduce operational risk by making greater use of data access.

“Finastra is an essential partner in our digitalization journey, helping us to provide reliable banking services to better serve our customers,” BEA GM and head of operations support and services Daniel Lo Wai Sang said.

“At BEA, we are committed to developing and applying new technologies to enhance the customer experience. This latest investment in upgrading our digital trade finance capabilities will allow us to increase our trade transaction volumes, design and roll out new trade solutions to the market faster and more efficiently, as well as seamlessly scale up operations to keep pace with our customers’ aspirations in the region.”

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