HSBC introduces its “All-in on Innovation” thought leadership programme, which provides an inspiring travel to the US for ultra-high net worth (UHNW) clients in Asia who are passionate about technology.

Clients gathered with notable venture capitalists and potential start-ups to learn how to thrive in this period of fast technological change.

Taking place in the tech hub of California, the three-day plan covered disruptive technologies like deep tech and generative artificial intelligence (AI) that are altering the future, as well as emerging market trends.

Participants had the opportunity to interact directly with successful tech venture capitalists and start-ups. Immersion tours were also offered to Stanford Medical Center, where attendees saw vital advances made possible by AI-powered medical procedures, and Playground Global, an early-stage investment business renowned for stimulating creative concepts.

Lok Yim, regional head of global private banking, Asia Pacific, HSBC, stated: “We are pleased to partner with HSBC Innovation Banking to curate this exclusive platform for our UHNW clients to exchange ideas with like-minded investors and draw inspiration from the authentic ingenuity that defines the tech community. Our clients choose HSBC because of our profound understanding of the market and our alignment with their sophisticated personal and business needs. This event epitomises our unparalleled expertise in offering services beyond private banking. By tapping into the extensive knowledge and network within HSBC Group, which spans commercial banking and investment banking on a global scale, we demonstrate our commitment to catering to every aspect of our clients’ financial journey.”

David Sabow, head of innovation banking, HSBC USA, added: “Venture capital is increasingly a global story. Not only have global markets significantly increased their share of VC investment over the last five years, but the sources of capital also supporting the VC asset class have increasingly come from every corner of the world. As one of the largest international banks in the world, HSBC is uniquely positioned to connect family offices, sovereign wealth funds, and institutional investors with the general partners funding the next wave of global transformation.  Our Innovation Banking teams in the US, UK, Tel Aviv, and Hong Kong deliver globally connected, specialised banking experts to support a broad range of innovation businesses and their investors.”

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Some of the speakers at the “All-in on Innovation” programme included:

  • Peter Hébert, Co-Founder & Managing Partner, Lux Capital
  • Michael Kim, Founder, Cendana Capital
  • Scott Kupor, Investing Partner, Andreessen Horowitz
  • Bruce Leak, General Partner, Playground Global
  • Sherry Lin, Senior Advisor, Argentum Peak
  • Sasha Ostojic, Venture Partner, Playground Global
  • Michael Romano, Chief Business Officer, Lightspeed Venture Partners
  • Pramod Thummala, Vice President, Lawrence Investments,
  • Elias Torres, Founder and CEO,
  • Samantha Wang, Co-Founder and General Partner, RPS Ventures
  • Alan Yeung, MD, Cardiologist, Li Ka Shing Professor in Cardiology

Moreover, the private investment market is attracting sophisticated investors, with global private equity assets under management increasing 22% annually over the last five years.

Individual investors are expected to increase their capital commitments to PE funds by 2025.

HSBC saw profit before tax in Q1 2024 total $12.7bn, a year-on-year decrease of $0.2bn.

This includes a $4.8bn bonus considering the disposal of HSBC’s business in Canada, inclusive of fair value gains on the hedging of the sale proceeds, partly offset by a $1.1bn impairment recognised in Q1 2024 following the classification of the HSBC business in Argentina as held for sale.

The Argentina deal is worth $550m, subject to certain price adjustments. It is expected to be completed within the next 12 months.

However, profit after tax totalled $10,837m in Q1 2024 for HSBC, a drop from the $11,026m in Q1 2023.