HSBC launches $1 billion ASEAN growth fund for Southeast Asia's digital platform businesses

HSBC ASEAN growth fund: HSBC announced on Wednesday the establishment of a $1 billion growth fund named the ASEAN Growth Fund, aimed at providing lending support to companies expanding through digital platforms across Southeast Asia.

The London-based bank is capitalising on the rapid growth of Southeast Asia's digital economy, which it predicts will reach a value of $600 billion by the end of the decade, up from $218 billion last year.

Amanda Murphy, HSBC's South and Southeast Asia head of commercial banking, highlighted the region's digital-native workforce, which is growing in size and is increasingly inclined towards consuming goods and services, particularly through e-commerce platforms. 

Murphy stressed the immense growth potential inherent in the ASEAN region.

In addition to the $1 billion lending fund, HSBC also introduced a $150 million venture debt fund focused on the Singapore market. 

The venture debt fund is designed to provide financial support to companies in Singapore that have received backing from venture capital or private equity firms.

(With Reuters Inputs)