MELCO-MEC has recently increased its usage of HSBCnet, benefiting from the platform’s powerful advanced capabilities while managing trade as well as issuance of letters of guarantee (LGs) and letters of credit (LCs).
Last August, the bank launched its HSBCnet mobile application in Egypt to help corporate customers access their accounts while on the move and manage their trade financing by integrating key tools such as trade authorisation and trade transaction tracker.
The bank’s flagship HSBCnet Internet Trade Services (ITS) enables clients to initiate and manage trade transactions locally and internationally with access to real-time trade account information anywhere and anytime.
HSBC’s cutting-edge digital banking solutions, combined with nearly 40 years’ experience in Egypt alone and global connectivity across 64 countries, offer customers a seamless and secure experience along with access to over 90 percent of the world’s trade flows.
Negotiating business challenges
The ongoing COVID-related disruption of the worldwide shipping industry has been the main challenge for MELCO-MEC due to its reliance on imports. Other challenges include the threat of inflation and a lack of skilled local labour.
“The biggest challenge now is shipment. Prices have escalated tremendously, maybe more than twice or three times, and we have issues with late shipments,” Shawky says.
“What used to take a month now takes a month and a half, or two months,” she says.
Inflation, which has been surging globally due to economic recovery, rising wages and logistics and production issues, is also a big factor for the company.
“We take a little bit of margin for contingency for the price increase, and we try to book or pay some of our suppliers in advance so that the prices don’t increase on us,” Shawky says.
The final main challenge is an ongoing lack of skilled labour in Egypt for a company selling and installing very technical and sophisticated products.
“We are overcoming this obstacle by training. We have our own training centre, which trains newcomers and technicians to be up to our standards,” she concludes.