Hsbc Holdings Plc - HSBC STOCK NEWS

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.

HSBC Holdings plc has announced its exit from the US domestic mass market retail banking sector. This includes the closure of 90 out of 148 branches and the wind-down of retail business banking customers, focusing instead on wealth management for affluent clients. Sale agreements with Citizens Bank and Cathay Bank involve the acquisition of assets worth approximately US$10.2 billion in deposits and loans. The transition aims to enhance HSBC's competitiveness, with minimal impact anticipated on its capital ratios. The transactions are set to close by Q1 2022, pending regulatory approval.

HSBC Bank USA, N.A. (HSBC) has awarded a $1.6 million grant to the Midwest Row Crop Collaborative (MRCC) to enhance conservation practices on large-scale farms. This initiative focuses on implementing regenerative practices like cover crops and reduced tillage. The funding is part of HSBC's $100 million Climate Solutions Partnership, aimed at advancing sustainable agriculture and addressing climate challenges. The project will benefit farmers in Illinois, Iowa, Michigan, and Nebraska, promoting soil health and crop resilience.

HSBC USA has launched the HSBC Global Wallet, a multi-currency digital wallet designed for businesses to facilitate international payments securely and efficiently. This service allows U.S. clients to send and manage payments in multiple currencies directly without relying on third-party providers. Initially available in the U.S., the wallet supports payments in several currencies, including Euros and UK Pound Sterling, with plans to expand functionalities further. This product aims to simplify foreign currency management and enhance cash flow visibility for small and medium-sized businesses.

HSBC USA has launched the HSBC Global Wallet, a multi-currency digital wallet designed for businesses to make secure international payments. This service eliminates the need for third-party providers and allows clients to hold and manage multiple currencies, including Euros, UK Pound Sterling, and more. The wallet, fully integrated with HSBC's business banking platform, aims to simplify foreign exchange management and improve cash flow visibility. Initially available in the U.S., it will expand to include other markets and currencies later this year.

HSBC has launched Green Deposits in the US, allowing businesses to invest cash reserves in environmentally beneficial projects. The deposits aim to support a transition to net zero carbon emissions, with funds directed towards projects like renewable energy and sustainable waste management. This new product ties into HSBC's broader net zero strategy, which anticipates allocating between $750 billion and $1 trillion in financing by 2030 to assist clients with sustainability goals. The initiative showcases HSBC's commitment to integrating sustainability into its offerings.

HSBC has launched the AI Powered Multi Asset Index (AiMAX), a rules-based investment strategy utilizing artificial intelligence to create a diversified growth portfolio. Following the success of the AiPEX index, which outperformed the S&P 500 Total Return Index by 4.79 percentage points since its launch, AiMAX aims to invest across 15 asset classes. Developed in partnership with EquBot and using IBM Watson Discovery, AiMAX seeks to balance risk and return by leveraging big data and AI. Athene USA now offers AiMAX and AiPEX in its fixed indexed annuities, enhancing retirement solutions for clients.

HSBC Americas CEO Michael Roberts will participate in the Virtual Enterprises (VE) Executive Conference on April 20, alongside industry leaders like DonorsChoose's Charles Best and Intuit's Lara Hood Balazs. The conference is part of the annual Youth Business Summit, engaging over 5,000 student-entrepreneurs. HSBC is a key sponsor, having committed a $1 million grant to support VE's national growth, totaling $3.8 million since their partnership began. The event aims to empower students, especially in underserved communities, enhancing their business skills through mentorship and resources.