HSBC deepens Asia startup push three years after Silicon Valley Bank deal

[SINGAPORE] Three years after acquiring Silicon Valley Bank’s UK operations in the wake of the US lender’s collapse, HSBC is putting momentum into its push to become the bank of choice among tech startups, founders and the venture capitalists (VC).

The acquisition in March 2023 for just £1 (US$1.32) led to the launch of HSBC’s Innovation Banking unit three months later. The bank has since expanded into markets including Singapore, where this new unit debuted in October 2025.

Since the launch, the bank has on-boarded about 1,000 new-economy firms in Asia which were new-to-bank.