HSBC has expanded its Innovation Banking unit to Singapore, allocating $1.5bn to support startup companies in the city-state.
This move is part of HSBC’s global initiative to increase lending to businesses in sectors such as technology and life sciences.
Neil Falconer has been appointed to head HSBC Innovation Banking’s Singapore arm.
HSBC Innovation Banking was established in 2023 after hiring former employees from Silicon Valley Bank UK.
The division now includes more than 900 bankers and serves clients in the US, Britain, Australia, New Zealand, Israel, Europe, India, Hong Kong, and mainland China, according to Reuters.
In the first half of this year, HSBC reported that its Innovation Banking business increased its active client base by almost 60%, without providing specific figures.
Also, the bank’s deposits rose by about 50% and loan commitments by roughly 25% during this period, said the publication.
HSBC innovation banking global head Dave Sabow, in an interview, told Reuters: “We have our own credit policy, our own credit approach to support the needs of these cash-burning businesses in sectors such as technology and healthcare.
“We’re working with the most liquid part of the global economy, so you think about the capital being raised in technology, when you think about the IPOs that are happening, our balance sheet is a great place, a stable place for you to park that capital.”
Last week, HSBC launched its enhanced entrepreneurial wealth proposition in Singapore to provide dedicated support for entrepreneurs across different stages of their business and wealth journey.
Over the past year, an increase in liquidity and transition activity was observed among founders linked to its Corporate and Institutional Banking network.
According to HSBC’s Global Entrepreneurial Wealth Report 2025, Singapore is ranked as a leading hub for entrepreneurs, with 15% planning to move their wealth there and 12% considering personal relocation.
Earlier this month, BNP Paribas completed its previously announced acquisition of HSBC’s private banking operations in Germany.
