HSBC has unveiled its Innovation Banking service in Singapore, aiming to bolster the nation’s innovation and venture ecosystem. Announced during the Singapore Week of Innovation and Technology (SWITCH), the initiative includes a dedicated $1.5b fund to provide high-growth innovation companies with unique financing solutions to expand their operations.
The new service will offer venture-backed businesses and their investors access to HSBC’s global network, enhanced sector expertise, and specialised financial products. David Sabow, Global Head of Innovation Banking, highlighted Singapore’s status as a global innovation hub, noting its thriving industries, pro-business environment, and strong international connections. “Today marks another milestone as we aim to create the largest dedicated global innovation banking business in the world,” he stated.
Gilbert Ng, Head of Banking – Singapore, Corporate and Institutional Banking at HSBC, emphasised Singapore’s position as a leading start-up destination in Asia-Pacific, supported by over 4,000 start-ups and a vibrant network of investors and accelerators. “The launch of HSBC Innovation Banking and the allocation of $1.5bn in capital demonstrates our continued commitment to supporting the growth of Singapore’s innovation economy,” Ng said.
Neil Falconer has been appointed as the Head of Innovation Banking in Singapore and will lead a dedicated team to support existing clients and attract new ones. This strategic move underscores HSBC’s commitment to fostering innovation and entrepreneurship in Singapore and beyond.
