HSBC Malaysia Launches MYR 500 Million Fund to Develop Startup Ecosystem
By: Asia Business Outlook Team | Tuesday, 12 September 2023
HSBC Malaysia has on Sept 12 launched a $106.92 million (MYR500 million) ‘HSBC New Economy Fund’ dedicated to providing high-growth, new economy businesses across Malaysia access to funding solutions to enable them to innovate and scale.
The fund was announced at the bank’s second event focused on developing the startup ecosystem in Malaysia titled, “Accelerating sustainability through the Digital Economy – shaping a long-term future”.
According to a statement, the fund will primarily support lending to tech-led businesses and emerging startups from Series B stage and beyond who are tapping opportunities within Malaysia’s growing digital economy. HSBC will continue to offer working capital, treasury management and payments and cash management solutions to meet the needs of these businesses at different stages of their lifecycle.
Omar Siddiq, Chief Executive Officer, HSBC Malaysia said, “Malaysia is putting itself at the forefront of ASEAN’s thriving startup ecosystem with an emphasis on developing the country as a hub for high-performing businesses in the region. We are positive on the new economy in South and Southeast Asia and as a Group we are doubling down on our support for new economy players. We have invested $2 billion globally into Commercial Banking to improve our digital capabilities and to develop more solutions to support our clients.”
“We fully expect new economy businesses to play a more significant role in driving Malaysia’s economic growth and prosperity over the coming years. The ‘HSBC New Economy Fund’, which is a first of its kind in Malaysia, is focused on providing these high-growth, innovative companies with access to funding solutions so that they can continue the next stage of their growth”.