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Hongkong and Shanghai Banking Corporation Limited in Bangladesh in partnership with the Chittagong Port Authority recently introduced a fully automated, real-time port payment system aimed at enhancing operational efficiency, security and convenience for the country’s maritime stakeholders.

On this occasion, HSBC and the CPA jointly arranged an event with the presence of senior representatives from the CPA, Industry leaders, global port operators, shipping and C&F agents, technology partners and HSBC officials, said a press release.

HSBC and the port authority jointly developed a digital solution to facilitate seamless financial transactions for all port users through HSBC’s payments platform based on secure, Application Programming Interface (API) validation.

Through this collaboration, HSBC introduced a bespoke, cashless solution that enables port users to settle port bills directly from their respective banks digitally, removing the need to visit the port to settle such payments.

The panel discussed the ongoing technological investments and strategic partnerships to promote improved experiences for the port users, including payments processes.

The discussion also highlighted how port users are being supported to adapt and embrace digitalisation in the port payment system tailored by HSBC.

Speaking at the event, CPA chairman Rear Admiral SM Moniruzzaman said, ‘An additional 1.5 million twenty-foot equivalent units is expected to pass through our port in the next 5 years.’

‘We must develop our efficiency and capacity to prevent the port from becoming a non-tariff barrier, instead of an enabler, to our trade ecosystem,’ he said.

‘This digital payment system tackles part of that challenge by streamlining payments and cutting processing times. To attract investment and compete with our regional peers, we must keep improving efficiency across the port ecosystem,’ he said.

Bashar M Tareq, head of markets and securities services, Bangladesh at HSBC, said, ‘This partnership forms part of HSBC Bangladesh’s approach to deliver cash management solutions that make trade processes faster, safer and more efficient in response to the country’s ever-evolving economic landscape.’