Business

HSBC plans to create a $1 billion growth fund to support the expansion of digital platform companies in Southeast Asia

HSBC on Wednesday announced that it is establishing the ASEAN Growth Fund, a $1 billion growth fund that will lend money to Southeast Asian businesses that are expanding through digital platforms.

The bank, which has its headquarters in London, is leveraging the digital economy in Southeast Asia, which it claims is expanding at one of the fastest rates in the world. It projects that this economy will grow from $218 billion to $600 billion by the end of the decade.

“With a working population that is digitally native, increasing in size, and poised to consume more goods and services, especially on e-commerce, ASEAN has so much growth potential,” Amanda Murphy, head of commercial banking for HSBC’s South and Southeast Asia, stated at the fund’s launch.

In addition to the $1 billion loan fund, HSBC established a $150 million venture debt fund specifically targeted at the Singapore market to finance businesses in the nation-state supported by private equity or venture capital firms.

Raeesa Sayyad
Published by
Raeesa Sayyad

Recent Posts

Prakash and Kamal Hinduja: Driving Social and Environmental Change

Philanthropic work plays a key role in addressing the most important challenges faced by societies… Read More

17 hours ago

The Hinduja Brothers Commitment to Global Health: Empowering Communities Across Borders

Global health surpasses national boundaries to produce widespread impacts across communities throughout the world. Different… Read More

17 hours ago

Entrepreneur Syed Usama Bukhari, aka Syeddubai thrives on innovations and a strong self-belief

As a branding expert, PR manager, and rising name in real estate and automobile, Syeddubai… Read More

2 days ago

Clever Fox Publishing Invites You to Discover the joy of parenting with Give Your Child Wings by Swati Gupta

Even though parenting is described as one of the most rewarding journeys, it is indeed… Read More

2 days ago

Matthew Denegre on the Art of Deal Sourcing: Finding the Right Investment Opportunities

Successful deal sourcing is a cornerstone of investment planning, influencing everything from the quality of… Read More

2 days ago

Gregory Thoke’s Top Ski Resorts in Fort Collins, Colorado

Fort Collins, Colorado, is a gateway to unforgettable winter experiences, offering an ideal blend of… Read More

2 days ago