HSBC Establishes ASEAN Growth Fund for Scaling SEA Companies

HSBC announced on Wednesday the establishment of a $1 billion growth fund named the ASEAN Growth Fund, aimed at providing lending to companies across Southeast Asia that are scaling up through digital platforms. The London-based bank is seizing the opportunity presented by the rapid growth of Southeast Asia's digital economy, which it predicts will reach a value of $600 billion by the end of the decade, up from $218 billion last year.

Amanda Murphy, HSBC's Head of Commercial Banking for South and Southeast Asia, highlighted the region's digitally native and expanding working population, which is expected to drive increased consumption of goods and services, particularly through e-commerce channels.

In addition to the $1 billion lending fund, HSBC has launched a $150 million venture debt fund specifically tailored for the Singapore market. This venture debt fund aims to provide financing to companies in Singapore that are backed by venture capital or private equity firms.

In 2024, HSBC introduced an international payments app, directly competing with popular platforms like Revolut and Wise. The bank's focus also extends to retail customers, offering low-cost currency exchange services. Moreover, HSBC Philippines launched "Omni Collect," a platform enabling companies to integrate with HSBC's single API to facilitate and manage payments across various channels. According to Art Tanseco, Head of HSBC Philippines, Omni Collect supports multiple online and offline payment options for customers and provides transaction data through HSBC's global digital platform, HSBCnet.