HSBC Becomes First Foreign Fintech in China

HSBC furthers its expansion in mainland China with the latest launch of a fintech subsidiary based in Shanghai. The British lender announces the opening of the HSBC Fintech Services (Shanghai) Company Limited, according to a media statement, with an eye to scale up its wealth management business in the mainland.

We believe technology can help provide better customer services, which can spur the growth of the real economy,» said Mark Wang, president, and chief executive officer for China.

The opening of HSBC Fintech reflects HSBC’s commitment to investing in mainland China and also our support to developing technology and innovation in the financial world.

The new entity will initially provide centralized technology and data services to the bank’s mobile financial planning offering in the mainland – HSBC Pinnacle Venture – to target customers outside the branch network. Digital tools introduced will cover financial planning, employee benefits, and wellbeing platforms for through a one-stop platform focused on corporates.

In the future, HSBC Fintech will gradually expand the scope of its services to cover other HSBC entities.

Through this corporate platform, we hope to provide dedicated financial services traditionally available only to high net worth customers to corporate employees on a broader basis, creating positive commercial value for companies, and bringing mutual benefits to both companies and employees, added Trista Sun, vice chair of HSBC Insurance Asia Pacific and execute director of HSBC Fintech Company.