HSBC has launched its Innovation Banking arm in Singapore, setting aside US$1.5 billion to support high-growth companies and strengthen the region’s venture ecosystem.
Unveiled at the Singapore Week of Innovation and Technology (SWITCH), the unit will serve venture-backed businesses and investors with specialised products, sector expertise, and access to HSBC’s global network.
David Sabow, Global Head of Innovation Banking said,
“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.”
The Singapore launch is HSBC’s third Innovation Banking expansion in Asia-Pacific this year, adding to its presence in the US, UK, Australia, New Zealand, Israel, Continental Europe, India, Hong Kong, and mainland China.
Gilbert Ng, Head of Banking – Singapore, Corporate and Institutional Banking, HSBC said,
“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 Asia-Pacific. We have a market leading proposition in Singapore that offers the full suite of banking and funding solutions for new economy businesses.
The launch of HSBC Innovation Banking and the allocation of US$1.5bn in capital demonstrates our continued commitment to supporting the growth of Singapore’s innovation economy.”
HSBC has supported new-economy businesses in Singapore since 2021, recording double-digit revenue growth and backing companies such as Atome Financial, Glife Technologies, and Tickled Media.
Neil Falconer has been appointed Head of Innovation Banking in Singapore and will lead a dedicated team to support existing clients and expand coverage.
He will also continue to oversee the Consumer, Healthcare, and TMT sectors within HSBC’s International Mid-Market segment.
To complement this, HSBC has established a Credit Solutions team led by Shaun Sakharnis, Head of Credit Solutions for Singapore and Asia Head of Platform Lending, offering financing structures from venture debt to platform finance for Innovation Banking clients.
Featured image: (From left) Neil Falconer, Head of HSBC Innovation Banking – Singapore; Gilbert Ng, Head of Banking – Singapore; British High Commissioner to Singapore Nik Meta; David Sabow, Global Head of HSBC Innovation Banking; and Jonathan Yip, Asia Head of HSBC Innovation Banking.
