HSBC's much touted pivot to Asia is taking shape with dedicated teams focused on high growth technology companies being rolled out.
The london-based but Asia-focused bank established dedicated teams in the Greater Bay Area. The units in the high growth region encompassing Guangdong, Hong Kong and Macau will offer specialist financial services the bank said in a press release.
HSBC China's first innovation and technology team based in Guangdong will focus on small and medium enterprises in e-commerce and advanced manufacturing industries. The Hong Kong-based team will bolster the overseas plans of homegrown fintech and tech startups.
Pulling Power
The Pearl River Delta conurbation is home to some of the world’s largest high-tech companies and has evolved into a leading digital and advanced manufacturing ecosystem.
The area has contributed significantly to the bottom line of the bank in recent years. More than three quarters of HSBC's profit for 2017 originated in Asia, in particular from the retail banking and wealth management units, where the Pearl River Delta area was a major contributor.
