HSBC had a good year in India in 2023, with profits up by 19% to $1.51 billion, from $1.27 billion the previous year.
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A key focus has been the digitization of trade finance. The bank introduced a cross-border supply chain finance solution, automating early payments to overseas suppliers. Additionally, HSBC launched e-bank guarantee services for corporates and small and medium-sized enterprises, replacing traditional paper-based processes and reducing transaction cycles from two to three days to just minutes.
HSBC continues to prioritize support for India’s SME sector, expanding its funding initiatives for startups after allocating 80% of the earmarked $250 million from the previous year. Currently, the bank supports over 2,500 startups, including half of India’s top-100 unicorns. Collaboration with UK Export Finance resulted in the establishment of a £100 million financing program to further bolster SME financing in India.
These initiatives contributed to a robust increase in new customer acquisitions in 2023, with a 19% rise in corporate clients and a 26% increase in SME clients.
HSBC also facilitated sustainable finance amounting to $3 billion. The bank extended over $1 billion in social loans, supporting initiatives aimed at social impact, including employment generation and enhanced access to education in 2023. HSBC also participated in green bonds raised by renewable energy companies including Renew and Continuum.