has appointed a head of innovation banking in Singapore as it leads a new group dedicated to the “innovation and venture ecosystem." It is also building a credit solutions team in the Asia city-state.
The UK/Hong Kong-listed lender – which reported third-party financial results this week – will allocate $1.5 billion as a dedicated pool to provide high-growth companies with financing solutions so that they can expand rapidly.
The new offering was launched at the Singapore Week of Innovation of Technology (SWITCH).
“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,” David Sabow, global head of innovation banking, said.
Since HSBC started its “innovation banking” model in 2023, it has grown its client base by almost 60 per cent, he added. Besides the Singapore venture, HSBC has also added to its presence via this route in the US, the UK, Australia, New Zealand, Israel, continental Europe, Hong Kong, India and mainland China.
In a related move, HSBC said it has set up a dedicated credit solutions team in Singapore, led by Shaun Shaun Sakhrani as head of credit solutions, Singapore and Asia head of platform lending. It will offer financing structures from venture debt to platform finance to HSBC Innovation Banking clients.
In recent developments, HSBC Private Bank published its Global Entrepreneurial Wealth Report 2025 report, which found a shift in cross-border wealth flows among entrepreneurs. Nearly three in five (59 per cent) are diversifying wealth internationally, more than half (57 per cent) are considering a personal move abroad, and almost half (49 per cent) plan to expand their business into new markets.
Left to right: Christina Lee, head of partnerships, collaboration and platforms; Manoj Dugar, regional co-head of global payments solutions, APAC; Neil Falconer, head of HSBC Innovation Banking – Singapore; Gilbert Ng, head of Banking – Singapore; David Sabow, global head of HSBC Innovation Banking; Jonathan Yip, Asia head of HSBC Innovation Banking; Geraldine Yip, chief of staff, Office of the Singapore CEO; and Winnie Yap, head of global payment solutions – Singapore.