Global banking group HSBC announced Wednesday the launch of Innovation Banking in Singapore, a dedicated proposition to further deepen its support to the innovation and venture ecosystem in Singapore and across the region.
As part of the launch, HSBC said in a statement that it will allocate $1.5 billion as a dedicated pool to provide high-growth innovation companies unique financing solutions to scale their business.
Launched at the Singapore Week of Innovation and Technology (SWITCH), HSBC Innovation Banking will offer Singapore-based venture-backed businesses and the investors that support
them, access to enhanced sector expertise, specialized products, tailored financial solutions, and new opportunities through HSBC’s global network.
“Singapore is a nation of innovators. In just six decades it has built thriving industries and universities, fostered a pro-business environment and strengthened linkages to the world through trade, finance and digital connections,
“It’s a global innovation hub with a support system of sandboxes and accelerators and a natural home for next generation entrepreneurs powering growth across Asia and beyond,” said David Sabow, Global Head of Innovation Banking.
“Today marks another milestone as we aim to create the largest dedicated global innovation banking business in the world,
“Since HSBC Innovation Banking was established in 2023, we have grown our client base by nearly 60 percent and now have more than 900 globally-connected innovation finance experts,” he added.
Backed by HSBC’s hallmark financial strength and global network, HSBC Innovation Banking is a global banking platform for startups, innovators and investors.
The launch in Singapore is the third expansion of HSBC Innovation Banking in Asia-Pacific this year, adding on to its existing presence in the United States, United Kingdom, Australia, New Zealand, Israel, Continental Europe, India, Hong Kong, and China, allowing startups the ability to tap into some of the world’s most vibrant capital markets and innovative hubs.
“Home to more than 4,000 start-ups and supported by a vibrant network of investors, accelerators, and incubators, Singapore is a top destination for the start-up ecosystem in AsiaPacific,
“We have a market leading proposition in Singapore that offers the full suite of banking and funding solutions for new economy businesses,” said Gilbert Ng, Head of Banking – Singapore, Corporate and Institutional Banking, HSBC.
“The launch of HSBC Innovation Banking and the allocation of $1.5 billion in capital demonstrates our continued commitment to supporting the growth of Singapore’s innovation economy,” he added.
In Singapore, HSBC has been supporting the growth of new economy businesses since 2021.
To date, the bank continues to gain market share and has seen strong double-digit revenue growth for the segment.
HSBC continues to be one of the most active banks in the Singapore start-up ecosystem and has successfully supported many leading local, innovative brands and businesses including Atome Financial, Glife Technologies and Tickled Media to scale to the next level of growth.
Meanwhile, Neil Falconer has been appointed Head of Innovation Banking in Singapore and will lead a dedicated Innovation coverage team to support existing clients as well as drive new client acquisition in Singapore.
Given the synergy, Falconer will continue to lead coverage of the Consumer, Healthcare and TMT sectors within the International Mid-Market segment.
In addition, HSBC has set up a dedicated Credit Solutions team in Singapore.
Led by Shaun Sakhrani as Head of Credit Solutions, Singapore and Asia Head of Platform Lending, the Credit Solutions team will offer a range of financing structures from venture debt to platform finance to HSBC Innovation Banking clients.
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