HSBC, Chittagong Port Authority collaborate to launch digital port payments

The Hongkong and Shanghai Banking Corporation Limited (HSBC) in Bangladesh, in partnership with Chittagong Port Authority (CPA), has recently launched a fully automated, real-time port payment system aimed at enhancing operational efficiency, security, and convenience for the country's maritime stakeholders.

Rear Admiral SM Moniruzzaman, chairman of Chittagong Port Authority, and Bashar M Tareq, head of markets and securities services at HSBC Bangladesh, jointly inaugurated the digital port payment system, according to a press release.

Speaking at the event, Moniruzzaman said, "An additional 1.5 million Twenty-Foot Equivalent Units (TEUs) are expected to pass through our port in the next five years. We must enhance efficiency and capacity to ensure the port remains an enabler of trade, rather than becoming a non-tariff barrier."

"This digital payment system addresses part of that challenge by streamlining payments and reducing processing times. To attract investment and compete with regional peers, we must continue improving efficiency across the port ecosystem."

Tareq added: "This partnership reflects HSBC Bangladesh's commitment to delivering cash management solutions that make trade processes faster, safer, and more efficient in response to the country's evolving economic landscape."

HSBC and CPA jointly developed the digital solution to facilitate seamless financial transactions for all port users through HSBC's payments platform, based on secure application programming interface (API) validation.

The collaboration introduces a bespoke, cashless solution that enables port users to settle bills directly from their respective banks digitally, eliminating the need for physical visits to the port.

On this occasion, HSBC and CPA also arranged a panel discussion with senior CPA representatives, industry leaders, global port operators, shipping and C&F agents, technology partners, and HSBC officials.

The panel discussed ongoing technological investments and strategic partnerships to enhance user experience in port payments, while also highlighting efforts to support port users in adapting to the digital payment system developed by HSBC.