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April 12, 2024

Catalyzing growth: HSBC’s $1 billion support for Southeast Asia’s digital economy

Global banking giant HSBC is taking a big bet on Southeast Asia’s digital future with the launch of a $1 billion ASEAN Growth Fund.

This strategic move aims to empower digital platform companies across the region, including the Philippines, to scale up and thrive.

“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 potential for growth,” said Amanda Murphy, head of Commercial Banking for South and Southeast Asia at HSBC.

HSBC will assess companies based on their cash flow-generating assets, making it accessible to a wider range of businesses. This includes everything from new startups to established players, and even non-bank financial institutions.

“HSBC has a proud history and strong heritage in ASEAN, including the Philippines, where we have been supporting entrepreneurs and scaling up of businesses, for close to 150 years. The introduction of our latest offerings allows us to better support and open up a world of opportunity to new-economy companies in the Philippines, whether they are start-ups or scale-ups, and as they expand across the region and advance along the corporate lifecycle,” said Mimi Concha, HSBC Philippines’ head of Wholesale Banking.

Southeast Asia’s digital economy is a global leader, projected to reach $600 billion by 2030, a 16% increase from $218 billion in 2023.

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