HSBC Sets Sights On Startups


The first thing a founder needs to think about when working on a startup is how to handle the finances. Opening a bank account can be tricky and tiresome, involving dozens of obscure documents that are hard for a new business to get. While many big banks are investing heavily in tech and startups, HSBC is taking a more hands-on approach.
HSBC Hong Kong has recently introduced a line of banking services tailored to new enterprises in a move to help young companies grow and do business more efficiently. Things like opening bank accounts have become streamlined and simple – according to Head of Business Banking Daniel Chan, 70 percent of new account openings every month are companies that are less than one year old.
“We want businesses to enjoy the benefits of newer technology,” Chan says. “Since last year, we’ve been launching quite a lot of new services on the digital side, and making banking relevant.”
The bank has dedicated a team to do the rounds at coworking spaces in Hong Kong until September 7. In addition to introducing new financial services into their repertoire, HSBC has also been hosting seminars and training sessions for startups to familiarize themselves with new technologies.
The team responsible for spreading the word about HSBC’s new banking solutions is a mobile set-up, where the team visits different coworking spaces across the city and discusses their products and services with startups face-to-face. A large part of their work is also spreading the word about the process of opening an account at HSBC.
“We provide a YouTube video explaining what the bank needs. We’re also being more flexible in terms of gathering more information […] without asking for a lot of documents, which a startup may not be able to provide,” Chan says.

Amongst other things, the bank has introduced cloud-based accounting software and enabled users to check their balance using WeChat when in China. HSBC has also debuted a chatbot for SME clients called “Ask Amy”.
A key part of HSBC’s strategy for catering to startups is to engage them fully in the process of creating new banking services. Founders are consulted routinely on what kind of financial services they require and their pain points within the current system, providing HSBC with real-time feedback. In this way, startups are effectively co-creating their own banking solutions.
“When our customers are entrepreneurs, we should also embrace the entrepreneurial spirit, be agile, learn how the world has evolved, and sit side-by-side [with them],” Chan says.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Microsoft-backed Builder.ai Secures Over US$250 Million in Series D Funding

Microsoft-backed Builder.ai Secures Over US$250 Million in Series D Funding

London-based artificial intelligence (AI)-powered composable software platform Builder.ai has raised a significant investment of over US$250 million in Series D funding. Led by Qatar Investment Authority (QIA), the funding round brings the total amount raised by the company to over US$450 million, resulting in a valuation increase of up to 1.8x.

Essential Gaming Slang Terms for True Gamers

Essential Gaming Slang Terms for True Gamers

Gaming is not just a hobby; it’s a culture with its own unique language. Understanding slang and jargon is crucial for having an immersive experience and connecting with fellow gamers. From the acronyms that define player roles to the phrases that capture epic moments, mastering these slang terms is a must for every true gamer.

LinkedIn Launches Tools to Boost Job Seekers' Safety and Confidence

LinkedIn Launches Tools to Boost Job Seekers’ Safety and Confidence

Networking platform LinkedIn has introduced a range of tools to empower job seekers to confidently navigate their job search process while ensuring their safety and security. The latest updates include the implementation of verifications on job posts, enabling the display of verified information about job posters or their companies.

A Step-by-Step Guide

The Power of a Wikipedia Page for Your Business: A Step-by-Step Guide

The one thing that builds trust between your company and its potential customers is having its own Wikipedia page. It is the first thing that shows up when someone looks up your company (besides your website of course!) and gives potential customers all the information they might need about your business.

Top 5 Unique Pet Care Startups to Watch

From Diagnostics to Play Dates: Top 5 Unique Pet Care Startups to Watch

All pet owners out there understand the feeling of wanting to do whatever it takes to make their furry companions’ lives just a little bit more comfortable. It is perhaps that exact feeling that has made the average pet owner spend over US$1,300 on pet care a year. According to a 2021 survey conducted by the market research firm OnePoll, 52% of Americans spend more on their pets than they do on themselves each year.

Course5 Intelligence Gains US$55 Million Funding Boost

Course5 Intelligence Gains US$55 Million Funding Boost; Closes First Round Successfully with 360 ONE Asset’s Tech Fund

Analytics and artificial intelligence (AI) solutions company Course5 Intelligence has recently announced its plans to raise a funding round of USD 55 million. The initial closing of the funding round was achieved through the participation of 360 ONE Asset Management Limited’s Tech Fund, which specializes in investing in promising technology companies. Leading the round, 360 ONE Asset invested US$28 million in Course5.