Korean Air has mandated HSBC's global payments and cash management team to centralise surplus funds from 12 Asian countries back to Korea. The appointment is one of the biggest mandate wins for HSBC as it continues to pick up large corporate clients with regional requirements.
The mandate covers payments and collections in 12 countries and territories in Asia using HSBCnet, the bank's internet banking platform for reporting and transacting. The arrangement represents the HSBC Group's first foreign exchange outsourcing deals with the bank handling Korean Air's foreign currency receivables, converting them into US dollars and concentrating the funds back to Seoul on a daily basis.
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