HSBC launched HSBC Innovation Banking in Singapore on Oct 29. The unit is dedicated to supporting the innovation and venture ecosystem in Singapore and across the region.
As part of the launch, HSBC will allocate US$1.5 billion as a dedicated pool to provide high-growth innovation companies with 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, specialised products, tailored financial solutions, and new opportunities through HSBC’s global network.
HSBC's David Sabow, global head of innovation banking, calls Singapore 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.
"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% and now have more than 900 globally-connected innovation finance experts,” he adds
