HSBC has demonstrated robust growth and innovation. It achieved impressive financial performance, expanding its wealth-management offerings and enhancing support for high-tech and green financing. Its local head is Daniel Chan.
Last year, the bank’s profit before tax surged to $10.7 billion, registering impressive 80% year-on-year growth. With $544 billion in customer deposits, HSBC holds market leadership in various products, including deposits, assets, card spend and insurance.
The bank has been rapidly expanding its wealth-management business in China. Following the launch of the Cross-Boundary Wealth Management Connect scheme 2.0, HSBC swiftly expanded its product offerings. Currently, the bank provides around 250 products, covering both southbound and northbound business, including over 100 Southbound Connect funds that invest in overseas markets.
As the Greater Bay Area develops, HSBC’s main customer base has shifted from traditional manufacturing companies to high-tech and advanced manufacturing firms. These companies increasingly demand innovative green financing solutions. In response, HSBC has increased its GBA Sustainability Fund from an initial $5 billion to $9 billion.
HSBC continues to innovate in cross-border transactions. To support cross-border e-commerce small and medium-sized enterprises, the bank has partnered with Dowsure Technologies to facilitate trade finance for online suppliers by leveraging transaction data instead of collateral or financial documents.
Additionally, HSBC launched ECom Direct, a new solution designed to support the growing cross-border e-commerce sector in the Greater Bay Area. By directly connecting with e-commerce platforms, this service utilises digital transaction data to offer a compliant and seamless cross-border collection solution for merchants in mainland China.