HSBC has levelled up its strategic partnership with Gene Solutions, a biotechnology company based in Vietnam, through a social loan which allows the firm to continue expanding its healthcare services to Vietnam and ASEAN’s citizens.

HSBC said in a statement on Wednesday that Gene Solutions, has a strong lab partnership network in ASEAN like Singapore, the Philippines, Thailand, Malaysia and Indonesia.

The social loan, HSBC’s first for a Vietnamese corporate group and in the form of a revolving credit facility, is expected to support Gene Solutions with their capital needs, technology upgrades, new product launch and expansion in the region.

These collectively aim to enhance the accessibility to and affordability of essential healthcare services across Southeast Asia, particularly in early risk detection, non-invasive prenatal testing, cancer screening and diagnosis.

The loan is compliant to HSBC’s credit management and approval process on sustainable finance.

The social loan was provided via HSBC Singapore’s groundbreaking US$200 million New Economy Fund, designed to empower new economy business growth and innovation in
Southeast Asia.

Gene Solutions is the first venture-backed startup from Vietnam to achieve the fund’s financing.

This financial commitment underscores HSBC’s dedication to nurturing the burgeoning new economy sector, focusing on providing substantial support to businesses that demonstrate rapid growth, clear profitability path, and strong backing from investors.

In Vietnam, HSBC is one of the first banks that have built a clear new economy strategy to support these companies in the country.

“We are pleased that the cooperation between Gene Solutions and HSBC will help contribute to improving Vietnam and the region’s prenatal testing and cancer diagnosis capabilities, allowing more people to access affordable and innovative tests,

“This partnership is also a testament of HSBC’s strong capabilities in banking solutions, and our strategic focus in sustainability and supporting the new economy in ASEAN,” said Ahmed Yeganeh, Head of Wholesale Banking, HSBC Vietnam.

He hopes the strategic partnership will continue to blossom, and inspire more businesses to invest in areas that bring more value to the society and the economy.

Before this social loan, early this year, HSBC successfully supported Gene Solutions to set up their banking platforms thanks to HSBC’s advanced digital banking capabilities, aiming to facilitate future capital raising needs and their expansion across Singapore, Malaysia, Thailand,
Indonesia and the Philippines.

Moreover, HSBC’s retail banking capabilities helped to design a customized interest-free instalment plan, allowing more families to enjoy Gene Solutions’ high-quality testing with convenient payment using the HSBC credit cards.

HSBC has been in Vietnam for over 150 years with the bank first opened an office in Saigon (now Ho Chi Minh City) in 1870.

HSBC was the first foreign bank to launch its locally incorporated entity on 1 January 2009 as HSBC Bank (Vietnam) Ltd.

The bank’s current network includes two branches and four transaction offices in Ho Chi Minh City, one branch and four transaction offices in Hanoi, and two full-service branches in Binh Duong and Da Nang.

HSBC is one of the largest foreign banks in the country in terms of investment capital, product range, and customer base.

Gene Solutions was co-founded in 2017 by three Vietnamese scientists with background and solid experience in genetics, cancer biology, clinical medicine, and biotechnology.

With over ten years of practicing Cancer Biology and Genetics in the United States and Vietnam, they discovered the benefits and applications of genetic testing and this realization inspired the birth of “Gene Solutions“.

Gene Solutions aims to provide a comprehensive solution that is accessible, affordable, and widely available to millions across Southeast Asia.

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