HSBC Sets up RM500M Lending Fund for Malaysian Series B Startups and Beyondby Fintech News Malaysia September 12, 2023 0 comments
HSBC Malaysia has launched a RM500 million lending fund for the local tech-led businesses and emerging startups from Series B stage and beyond.
The bank said that the ‘HSBC New Economy Fund’ is part of its commitment to support the development of Malaysia’s startup ecosystem.
HSBC will also continue to offer working capital, treasury management and payments and cash management solutions to meet the needs of these businesses at different stages of their lifecycle.
Dato’ Omar Siddiq, Chief Executive Officer, HSBC Malaysia said,
“We have invested US$2 billion globally into commercial banking to improve our digital capabilities and to develop more solutions to support our clients. We fully expect new economy businesses to play a more significant role in driving Malaysia’s economic growth and prosperity over the coming years.
The ‘HSBC New Economy Fund’, which is a first of its kind in Malaysia, is focused on providing these high-growth, innovative companies with access to funding solutions so that they can continue the next stage of their growth”.
Karel Doshi, Head of Commercial Banking, HSBC Malaysia added,
“A key ingredient for tech led businesses and emerging Malaysian startups to scale is the investment to grow. The ‘HSBC New Economy Fund’ demonstrates HSBC’s support for the innovation economy in Malaysia and beyond.
In addition to being a trusted advisor towards tech led businesses and emerging startups, we have an unrivalled international network and a specially trained team to deal with startups – this places the bank in a strong position to support emerging entrepreneurs of today who will spur the next generation of tech innovation companies that will be crucial to the development of the new economy landscape in Malaysia.”