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HSBC builds international cash management capabilities
HSBC has appointed Simon Babbage as head of payments and cash management, responsible for delivering global cash and liquidity management services and products to the company's Australian clients.
Babbage has been promoted from head of product management for HSBC's Payments and Cash Management business in Australia and will take over from Allan Dueck who has taken a post at HSBC Turkey.
HSBC has spent the last two years expanding its payments and cash management range in Australia including implementing its cross-border liquidity solution.
James Hogan, HSBC head of commercial banking, said demand for payments and cash management capabilities that linked domestic and international cash management needs had grown as more Australian companies expanded and conducted more business overseas.
"Australia's global trade and capital flows continue to increase, as do its links with Asia," said Hogan.
"With 80 per cent of Australia's total exports expected to go into Asia by 20201 and increasing capital investment flows there, Australia's economy is becoming more tied to the Asian economies than ever before."
HSBC's Asia Pacific head of payments and cash management, John Laurens, said the business was also focused on helping chief financial officers understand opportunities arising from the lessening of China's capital account and internationalisation of its currency.
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