HSBC has announced a US$1 billion Asean Growth Fund to help scale up platform players in the region’s booming digital economy.
By Digital News Asia April 1, 2024Introduced venture debt in S’pore with US$150M earmarked for high-growth firms
In a statement, the bank said, Southeast Asia’s digital economy is among the world’s fastest-growing” worth US$218 billion in 2023 and expected to reach US$600 billion by the end of the decade, at a compound annual growth rate of 16%.Therefore, to help the region’s digital platform players achieve economies of scale, grow their asset portfolios, and advance along the corporate lifecycle, HSBC is announcing a dedicated lending fund worth US$1 billion.
Separately, the bank is introducing venture debt to the Singapore market, earmarking US$150 million to provide financing to scaling, high-growth companies in Singapore that are backed by venture capital or private-equity investors.
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