HSBC Holdings PLC - HSBC STOCK NEWS

HSBC Ventures has been launched to provide flexible capital for growth-oriented businesses globally, with a significant focus on innovation and technology. The initiative will allocate $100 million specifically for clients developing climatetech solutions aimed at achieving a net-zero economy. HSBC aims to support startups by offering comprehensive banking products and expertise, targeting businesses with strong venture capital backing. The venture growth finance will assist early-stage companies in extending their funding runway for expansion and unforeseen needs.

HSBC announced the appointment of Martin Richards as the Global Head of Sustainable Finance – Client Infrastructure for Commercial Banking. His focus will be on providing sustainable finance solutions to support clients’ transition goals. Previously, Richards served as the US Head of Corporate Banking, driving growth in HSBC's US corporate client franchise. Alongside his new role, he remains President of HSBC Ventures, which aids growth-oriented businesses with flexible capital.

HSBC has launched the HSBC Global Wallet, enabling US-based businesses to manage multiple currencies from a single account. The platform, available since May 2021, now includes additional currencies like Chinese Yuan, Japanese Yen, Swiss Francs, and Malaysian Ringgit. This service allows businesses to receive, pay, and transfer funds internationally with reduced fees and enhanced efficiency. With an international network serving over 1.3 million businesses, HSBC aims to support US small and medium-sized enterprises in expanding globally.

HSBC Latin American Holdings has filed legal proceedings against the Republic of El Salvador, claiming a breach of its investment treaty with the UK, seeking at least $49.3 million in damages. This legal action arises from a Supreme Court decision in El Salvador, which overturned lower court rulings that favored HSBC in recovering $2 million in unpaid loans, instead penalizing the bank. HSBC alleges that this represents a denial of justice and violates the El Salvador-UK Bilateral Investment Treaty. The case will be adjudicated by the International Centre for Settlement of Investment Disputes (ICSID).

HSBC Bank USA, N.A. has announced a $350,000 grant to Feeding America to support its workforce development initiative aimed at helping low-income individuals secure jobs. This initiative will target eight markets, providing essential training and resources. The support from Microsoft includes grants and online learning content for in-demand job skills. This partnership aims to address unemployment, particularly among under-resourced communities, while promoting food and financial security. Since 2012, HSBC has contributed $5.5 million to Feeding America in efforts to combat food insecurity.

HSBC Bank USA partners with Walmart in a groundbreaking initiative to enhance access to working capital for diverse and minority suppliers. This collaboration focuses on providing consistent funding through the C2FO platform, enabling suppliers to invest in growth initiatives, create jobs, and improve financial stability. Additionally, HSBC's financing rates are linked to suppliers' sustainability efforts, supporting Walmart’s Project Gigaton, which aims to reduce greenhouse gases. HSBC aims to eliminate capital access barriers for minority-owned businesses, reinforcing their commitment to diversity and equity.

HSBC has introduced a new Developer Portal that offers customers direct access to various API solutions for seamless integration into their own products. This portal provides a secure testing environment and easy access to treasury payment, account information APIs, and APIs for trade processing and global disbursements. Operating in 15 markets with Open Banking regulations, HSBC plans to enhance the portal regularly, eventually including all its regulatory and non-regulatory APIs. The initiative aims to foster corporate-to-bank connectivity and improve customer resilience.