In an achievement for the Group, Ali Bin Ali (ABA) Watches & Jewelry Kuwait has become the first entity in ABA Group to go fully online using all three main services offered under HSBC net
This is the first entity under the ABA Group to use the trade portal for making supplier payments using Clean Import Loans (CIL) under HSBC net. With this new addition, they will be using three services offered under HSBC net namely, for online salary transfers, regular supplier payments using priority payments and now for import loans using their trade portal.
With this, most of the manual transactions will now be digitized and approved online. Considering that this entity is operating outside of Qatar , migrating to a digitized environment will bring in many benefits such as reducing paper work , substantially reducing couriering charges for sending documents for approval and most importantly improving productivity of employees due to the transaction approval cycle being shorter and streamlined .
Going forward, the ABA Holding Finance Department plans to replicate the HSBC net trade solution for ABA entities in Qatar.
The project was wholeheartedly supported by ABA Holding’s Vice-Chairman & EVP Mr. Nabeel Ali Bin Ali and the Group’s Chief Financial Officer, Mr. Iftekhar Ahmad. Instrumental in the whole process of moving to a completely digitized platform was Group Treasury Manager Fawaz Ismail & the treasury team, Head of Finance in Kuwait Suranga Perera & the Kuwait team, Group Audit Manager Kamal Uddin Gazi Jishan and the Internal Audit team, Group Accounting Manager Fathima Shiham, Financial Controller Mathew N. Thomas (Vinu) & the Accounting team.
Speaking about this commendable development, Mr. Iftekhar said: “Digitization is the future of all financial activities and we are glad that we are keeping up with the times. Definitely this will pave the way for the entire Group to adopt more digital solutions not just with HSBC but also with other banks that offer online banking facilities.”