HSBC Bank Malaysia Bhd recently offered marine cargo insurance to complement its onestop t rade solut ions for commercial customers from small and medium enterprises (SMEs) to multinational corporations.
Vivek Gupta, director, Trade and Supply Chain, HSBC Bank said the initial response from customers, especially the SMEs, has been excellent as it appealed to their need for convenience and value-for-money solutions.
"When we first introduced it last month, we secured business with over RM100 million coverage. I am confident we will see an ongoing momentum for this customised proposition," he said in a statement.
"The marine cargo insurance initiative reinforced HSBC's focus on meeting customer needs with a comprehensive suite of products and services. We are not only able to bring about cost efficiency to our customers in terms of competitive pricing and a single contact point, but also help advise and educate customers on this key risk mitigation," Gupta said.
He added that HSBC Malaysia's import customers will now have the convenience of insuring their single voyage shipments within the same day of submitting documents at any of the 19 Trade and Supply Chain centres within HSBC branches nationwide.
With this, customers can now enjoy both single shipment voyage cover as well as marine open cover policies at competitive rates. This initiative further strengthens HSBC Malaysia's reputation as a premium provider of a comprehensive suite of trade and supply chain solutions in the local market.
HSBC manages to maintain its leading market position in the trade and supply chain business in Malaysia. Marino cargo insurance is designed to provide protection on companies' cargo shipments between countries against uncertainties. It covers the companies' cargo against risks during shipment by sea, air or land.
(The Malaysian Reserve, May 18, 2009, p9)
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