HSBC has launched its innovation banking platform in Singapore, allocating US$1.5 billion in funding to enable high-growth innovation companies to scale their businesses. The move aims to further deepen the bank’s support for the innovation and venture ecosystem in Singapore and across the region.

Launched during the Singapore Week of Innovation and Technology ( Switch ), HSBC innovation banking will offer Singapore-based venture-backed businesses and their investors access to enhanced sector expertise, specialized products, tailored financial solutions, and new opportunities through the bank’s global network.

Commenting on the launch, David Sabow, global head of innovation banking at HSBC, says: “Singapore is a nation of innovators. In just six decades, it has built thriving industries and universities, fostered a pro-business environment, and strengthened linkages to the world through trade, finance, and digital connections.”

Since its establishment in 2023, HSBC innovation banking has grown its client base by nearly 60% and now has more than 900 globally-connected innovation finance experts, he adds.  

The launch in Singapore is the third expansion of HSBC’s innovation banking platform in Asia-Pacific this year, adding to its existing presence in the United States, the United Kingdom, Australia, New Zealand, Israel, continental Europe, India, Hong Kong, and mainland China, enabling start-ups to tap into some of the world’s most vibrant capital markets and innovative hubs.

In Singapore, HSBC has been supporting the growth of new economy businesses since 2021. To date, the bank continues to gain market share and has seen strong double-digit revenue growth for the segment. Among the businesses it has supported are Atome Financial, Glife Technologies, and Tickled Media.

Neil Falconer has been appointed head of innovation banking in Singapore and will lead a dedicated Innovation coverage team to support existing clients as well as drive new client acquisition in the city-state. He will continue to lead coverage of the consumer, healthcare, and TMT sectors within the bank’s international mid-market segment.

HSBC has also set up a dedicated credit solutions team in Singapore. Led by Shaun Sakhrani as Singapore head of credit solutions and Asia head of platform lending, the credit solutions team will offer a range of financing structures from venture debt to platform finance to clients.