DHAKA, Nov 20, 2022 (BSS) - The Hongkong and Shanghai Banking Corporation (HSBC) Bangladesh jointly with Bangladesh Bank and the National Board of Revenue (NBR) has opened up new opportunities for its clients through enabling Online Statutory Payments (VAT, VDS, Duty) and Paperless Trade.

HSBC, taking a lead in both forte, has played an instrumental role in digitising transaction-banking. Now, transaction-banking will be real-time, faster, simpler and smarter with the help of HSBCnet and tools and guidance provided by NBR and Bangladesh Bank.

This is a historic moment for international trade in Bangladesh and HSBC is proud to partner with Bangladesh Bank and NBR to initiate the beginning of a wonderful journey, said a press release.

To celebrate this occasion, HSBC recently arranged an event titled, "HSBC Innovation Forum: Digital Transformation in Payments and Trade".

The event took place at a city hotel in the capital on November 17 where Kazi Mostafizur Rahman, commissioner, NBR and Riaz Ahmed Choudhury, head of corporate banking form HSBC Bangladesh were present as special guest.

Additionally, the event was attended by distinguished local and international corporate clients of HSBC Bangladesh.

In his remark, Riaz Ahmed Choudhury, head of corporate banking form HSBC Bangladesh said, "As a leading international bank, digital transformation is one of our key priorities and implementation of online statutory payments and paperless trade are testaments towards our clients".

He said these solutions will not only ensure accuracy and optimise time of its clients, but will also achieve their sustainability goals. "We're also proud to collaborate with NBR and Bangladesh Bank for pioneering the solution for clients and to help to achieve digital Bangladesh."

This online government payment processing solution facilitates VAT, VAT Deduction at Source (VDS), Excise Duty, Supplementary Duty and Penalties payments in association with the NBR. Previously, government payments were being collected manually through paper based instruments like Pay-Order which required clients to wait for several days.

However, due to the introduction of this online system, businesses and organisations will be able to complete their government payments online through HSBCnet easily and securely.

Transactions will be completed near real-time through Real Time Gross Settlement (RTGS) of the central bank. Automated end-to-end process of this online system will significantly reduce the time of processing too.

The online payment process is very simple and intuitive which enables multiple BIN (Business Identification Number) validations in real-time.
 
Upon successful payment, clients will receive challan no. (receipt) promptly through SMS. The challan copy will be emailed to the client on the next day.

Through securing e channels like HSBCnet, HSBC trade clients will be able to get data-led trade solutions. Smarter trade is now just a click away.