Commenting on the launch, David Sabow, Global Head of Innovation Banking said, “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. 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.”

Backed by HSBC’s hallmark financial strength and global network, HSBC Innovation Banking is the leading 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 US, UK, Australia, New Zealand, Israel, Continental Europe, India, Hong Kong, and mainland China, allowing startups the ability to tap into some of the world’s most vibrant capital markets and innovative hubs.

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-Pacific1. 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.”

In Singapore, HSBC has been supporting the growth of new economy businesses since 2021. To date, HSBC 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 FinancialOpens in new window, Glife TechnologiesOpens in new window and Tickled MediaOpens in new window to scale to the next level of growth.

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, Neil 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.