Companies

HSBC Shuts Down its Trade Platform, Serai

Published on: 9 June 2022 04:10 PM

HSBC has decided to shut down its Hong Kong-based trade platform, citing the collapse of a commercially viable business. The financial services company launched the platform three years ago.

Serai was founded in 2019 by Vivek Ramachandran, who was the global head of growth and innovation at HSBC at the time and later became the CEO of the wholly-owned subsidiary.

Serai originated as a lending platform for Hong Kong-based SMEs, but the island's political turbulence and COVID-19 prompted a shift in strategy, with Serai becoming a B2B platform for buyers and suppliers to interact.

A further turn saw the company focus on connecting small- and medium-sized garment manufacturers with component suppliers all around the world.

Despite the difficulties, HSBC continued to invest in the project, according to Global Trade Review, injecting about US $70 million into Serai and funding a 100-person workforce.

According to GTR, Ramachandran informed staff in May that the firm was being investigated by HSBC. Shortly after, he left the company, returning to the bank in a senior role.

Source: Finextra

For more company-related news

Share:
esg
esg
esg
esg
More from HSBC Holdings plc
HSBC Suspends Senior Executive Over Climate Remarks
HSBC Suspends Senior Executive Over Climate Remarks
HSBC Invests $1 Billion to Encourage Female-Owned Businesses
HSBC Invests $1 Billion to Encourage Female-Owned Businesses
HSBC AM Rolls Out European-focused Sustainable ETF
HSBC AM Rolls Out European-focused Sustainable ETF
HSBC AM Includes Two More ETFs to its Paris-Aligned Range
HSBC AM Includes Two More ETFs to its Paris-Aligned Range