Insurance Post

Euler Hermes extends partnership with HSBC in Malaysia

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Euler Hermes has become the exclusive supplier of trade credit insurance products to HSBC Commercial Banking customers in Malaysia.

The deal extends the partnership agreed between HSBC and Euler Hermes last year.

HSBC customers trading an 'open account' will have access to Euler Hermes' trade credit products including protection against non-payment of receivables debt. Allianz in Malaysia will administer the policies.

Today more than 80% of global trade is conducted on an open account basis, and accounts receivables typically equate to more than a third of a company’s assets.

"HSBC is committed to connecting our customers to opportunities," said Andy Grisdale, managing director, commercial banking, HSBC Bank Malaysia Berhad.

"Trade credit insurance complements our Trade and Receivables Finance solutions and is a strong tool to enable businesses to mitigate their risk and grow their franchise. This collaboration with Euler Hermes (in partnership with Allianz General) reinforces our proposition of connecting clients for growth in Malaysia and beyond."

The trade credit global partnership agreement between Euler Hermes and HSBC which is now active in Asia in three countries Hong Kong, Singapore and Malaysia.

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