HSBC partners with CPA to streamline port payments

The Hongkong and Shanghai Banking Corporation Limited (HSBC) in Bangladesh, in partnership with Chittagong Port Authority (CPA), has introduced a fully automated, real-time port payment system to enhance operational efficiency, security, and convenience for maritime stakeholders.

To mark the launch, HSBC and CPA jointly organised an event attended by senior representatives from CPA, industry leaders, global port operators, shipping and clearing agents, technology partners, and HSBC officials.

The two organisations have developed a digital solution that enables seamless financial transactions for all port users through HSBC's payments platform based on secure Application Programming Interface (API) validation. This cashless solution enables users to settle port bills digitally through their respective banks, saving time, reducing paperwork, and providing the flexibility to manage payments remotely without the need for physical visits to the port.

A panel discussion at the event highlighted ongoing technological investments and strategic partnerships aimed at improving user experience and supporting port users in adopting digitalisation tailored by HSBC.

Rear Admiral S M Moniruzzaman, Chairman of CPA, said: "An additional 1.5 million TEUs is expected to pass through our port in the next five years. We must develop our efficiency and capacity to prevent the port from becoming a non-tariff barrier instead of an enabler of trade. 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."

Bashar M Tareq, Head of Markets and Securities Services, HSBC Bangladesh, 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 evolving economic landscape."