SABIC wins ‘Best Fintech Solution’ award
SABIC, a global diversified chemicals company, has won a prestigious fintech award for its fully digitised trade transaction solution.
SABIC Asia Pacific Pte Ltd (SABIC) won ‘Best Fintech Solution’ by the Adam Smith Awards Asia, for its efforts in corporate digitisation in trade finance and supply chain management.
The company has a 33,000-strong global workforce and develops and identifies opportunities in key end-use applications such as construction, medical devices, transportation and clean energy. They are also partnered with HSBC – making their cross-border trade in the region a seamless process and accelerating payment processing by 60%.
SABIC representatives issued a statement revealing they shared a platform with HSBC to facilitate a fully digitized cross-border deal with Simply Packaging – a Malaysia-based firm, and it was this pilot transaction that won them the award.
The state-of-the-art technology operates on a single global network for trade finance, which is powered by blockchain technology and eradicates operational efficiencies for customers and sellers through minimizing manual processes.
Document processing can also now be carried out electronically, within a 24-hour timeframe and, consumers experience and increased speed to market and a reduction in time, cost and manpower efficiencies.
Meanwhile, the blockchain technology enables information to be distributed securely and essential trade documents are shared electronically, allowing parties to view and confirm them. The process facilitates the transfer of title completion while goods are in transit, instantaneous updates and the elimination of paper reconciliation and end-to-end visibility for all parties to reduce delays before they occur.
Janardhanan Ramanujalu, SABIC’s Vice President & Regional Head for South Asia, Australia and New Zealand, explained that the global pandemic had increased the need for better digitalization and technology within various sectors, including the chemical industry.
He said: “This ground-breaking solution, in collaboration with HSBC and Simply Packaging, marks an important milestone in our continuous drive to improve efficiencies within our financial operations and supply chain. We harness customer-focused innovation like blockchain technology to digitise and optimise transaction processes. This allows us to respond swiftly and effectively to supply chain network challenges and seize emerging opportunities. We look forward to expanding this solution to more customers across Asia Pacific next year.”
Ramanujalu added that it’s only been through SABIC’s advanced digital and technological infrastructure the company was able to adapt its business operations and maintain continuity limited interruptions, he added.
Iain Morrison, Head of Global Trade and Receivables Finance, HSBC commented: “We are delighted to have supported SABIC in being recognized for utilizing such a cutting-edge solution. Trade between closely located markets is regularly hampered by the laggard of paperwork, which follows behind physical delivery of goods. The result for businesses is high storage costs and product delays. This transaction marked a step-change in reducing the administrative hurdle. Solutions like this could also help boost the efficiency of intra-ASEAN trade, characterized by many close-proximity shipping routes and strong trading relationships, which in turn helps trade to grow and flourish throughout the region.”
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Currently the Senior Vice President of Business Development & Fintech for Mastercard UK & Ireland, a position he’s held since 2014, Abraham describes himself as “a proven and successful senior sales leader with experience across a wide range of industries, sectors, and channels.”
Graduating from the University of Northampton in 1994 with a BA in Economics and Law, he worked for nine years at Sainsburys - eventually responsible for banking the company’s revenue and running its ATMs - and then Barclaycard for three years as Head of Client Management. In 2007, Abraham became VP of Client Management at American Express, and then VP and GM Global Supplier Relations EMEA in 2012.
In his current role at Mastercard, Abraham is accountable for the acceptance of all payments and products through all channels, devices, and technologies across UK and Ireland. In addition, he oversees the deployment of innovative new payment tech within the region.
Fraser-Hawkins’ role as CEO, UK Corporate, at Marsh McLennan is the continuation of a long and successful insurance career, which has included being London Sales Director for JLT Group and Branch Director for Willis Towers Watson.
Marsh prides itself on being a company that hires top-tier talent, does work that impacts peoples’ lives, and offers its employees the opportunity to make a difference. This is clearly an attitude that aligns with Fraser-Hawkins’ own values; regarding the insurer’s UK Young Professionals initiative, a support network to help young professionals in their development, he said:
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Massaro is currently the CEO of Boston fintech Flywire, a role he took on in 2013. He first joined the team in 2012 as VP of Business Development, but it wasn’t long before his entrepreneurial skills were redirected to leading the entire company’s high-growth strategy worldwide.
An expert in domestic and international payments and billing, enterprise technology sales, strategic alliances, enterprise software, SaaS, product management and marketing, and much more, Massaro is a consummate finance professional whose credentials befit the leadership of a prominent global payments fintech.
His previous positions include Consultant at PwC and Product Line Manager at Oracle, and he maintains a Mentor role at startup accelerator MassChallenge. He graduated magna cum laude from Babson College with a BS in Information Systems and Finance.
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