HSBC’s presence in the GCC dates back 75 years. In 2012, when the company embarked on its regional expansion, it was confident that it had the backing of a long-established financial partner.
“Once again, the bank offered us great support and was a trustworthy ally especially with its widespread presence. Banking with HSBC reinforced our position and encouraged clients to work with us,” the chairman said.
Confidence to grow
HSBC’s team provided us with innovative solutions, flexible financial solutions and local knowledge that empowered us to grow, added Al Balushi.
The chairman recalled when HSBC Oman’s team put a good word in for the company with their Saudi Arabian counterparts, paving the way for smooth business progress in the new market. On many other occasions, the bank’s firm support has allowed the company to focus on growth.
“When our contractors ran into difficulties receiving money, it became challenging for us to collect it. However, HSBC never demonstrated reservations, and this empowered us to grow further,” he said.
Furthermore, HSBC’s innovative online banking solution boosted the company’s productivity by providing an easy to use and secure platform to manage cash flow.
“HSBCnet has undoubtedly enhanced security. It provides faster processing and ensures our clients receive their required entitlements and reduces paperwork and bureaucracy,” explained Al Balushi.
Looking ahead into the next five years, the company plans to expand by launching franchises and partnering with well established players in target markets.
“We’ve reached a record of 1,500 to 2,000 clients in Oman alone and at least 4,000 clients across the GCC,” Al Balushi said.
“And in line with the current trend of widespread online trading, we are working to sell our products online within the next five years, through our nearest dealers.”
His advice to future entrepreneurs? Take a chance and just get started.
“A journey of a thousand miles begins with a single step,” he said. “You can find success in overcoming challenges, as long as you keep an open mind and are willing to change as you go.”
However, it’s imperative to launch and never give up, he counselled.
“Being an entrepreneur broadens one’s perceptions. You’ll learn about so many things – financial, digital, social, governance – and all this accumulated knowledge is priceless.”