In accordance with the terms of the deal, HSBC will invest $35m in Tradeshift over two phases and become a board member.

Its primary goal is to provide financial services apps and embedded finance solutions.

The arrangement is a component of a funding round in which HSBC and other investors are anticipated to contribute at least $70m.

Through their new joint venture, HSBC and Tradeshift will be able to offer a variety of digital products on Tradeshift and other platforms.

As a result, Tradeshift will be able to expand its business commerce proposition globally with the use of these services.

It will integrate payment and fintech solutions into trade, e-commerce, and marketplace experiences.

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Prior to the joint venture’s expected start in early 2024, more information will be released.

Barry O’Byrne, CEO of global commercial banking at HSBC, said: “Enabling and growing global trade has been in HSBC’s DNA for almost 160 years. We are very excited to partner with Tradeshift to help businesses and their suppliers trade more smoothly using world-class technology and solutions that the joint venture will deliver. This agreement supports our strategy of being a digital first bank, which includes our commitment to partnering with fintech’s and embedding our solutions into the platforms of others.”

Christian Lanng, CEO and co-founder of Tradeshift, added: “The world’s biggest trade bank and the world’s largest trade network are joining forces. Our deepening partnership with HSBC delivers a strong foundation from which to scale and accelerate our vision of a trade network that creates economic opportunity for businesses everywhere.”

HSBC launched its global private banking division in India at the beginning of July to cater to high-net-worth and ultra-high-net-worth professionals, business owners, and their families.

Clients with investment potential of more than $2m are the target market for the new HSBC India business.

The launch underscores the bank’s focus on leading wealth management in Asia by providing world-class wealth solutions, global private banking knowledge and a vast international network.