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HSBC unveils a massive new funding pool for the GBA’s tech sector

The HSBC New Economy Fund is designed to give support to innovative startups and comes in the wake of the bank’s purchase of the UK arm of the Silicon Valley Bank.

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The HSBC New Economy Fund is designed to give support to innovative startups and comes in the wake of the bank’s purchase of the UK arm of the Silicon Valley Bank.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 21 Dec 2023, 11:32 pm

Technology startups in the Greater Bay Area (GBA) are to benefit from a new US$3 billion lending fund set up by Hong Kong’s largest bank. The South China Morning Post reports that the HSBC New Economy Fund will make good CEO Noel Quinn’s pledge earlier this year to get the bank “heavily involved in tech” and “the innovation sector”.

The move follows HSBC’s purchase in March of the UK arm of the Silicon Valley Bank.

[See more: A digital currency pilot programme has been launched in Hong Kong]

A senior HSBC official told the Post that the New Economy Fund was “another demonstration of HSBC’s support for the innovation economy in Hong Kong and beyond”.

Analysts meanwhile greeted the fund as a positive step.

“The technology companies in the Greater China region and Asia will be the driving force of economic growth in the following years”, one Hong Kong broker said. “It makes sense for HSBC to increase lending and offer other services to these tech startups as they would be the lenders’ future big clients”.

 

UPDATED: 21 Dec 2023, 11:32 pm

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