The bank will support companies tapping opportunities within Asean’s growing digital economy in sectors such as e-commerce, AI and robotics, fintech, and payments platforms.
HSBC Singapore has announced a S$200 million ($147.5 million) lending fund to support high-growth technology companies in Singapore that are looking to expand across Southeast Asia and further afield.
The fund will provide loans to companies that have already received funding from strategic investors, including venture capital or private equity firms, and have surpassed the proof of concept phase, the announcement said. The bank will extend to them bespoke solutions, such as cross-border cash management and foreign exchange to accessing the private and public capital markets, typically available to higher revenue-generating firms.
Singapore has a vibrant tech culture breeding firms that seek out digital gaps in the consumer and business markets. To succeed, these businesses need to scale quickly, often including customer reach, employees, and data capabilities, Regina Lee, HSBC Singapore head of commercial banking, said.
Earlier this week, a joint report by Google, Bain, and Temasek noted that 60 million new digital consumers in Asean were added since the pandemic began, with 20 million of them coming in H1 2021.
It said the region’s internet economy is growing faster than expected, estimating it will reach $360 billion by 2025.