Tuesday, April 16, 2024

HSBC announces ASEAN growth fund to accelerate startup expansion in SE Asia

Reading Time: 2 minutes
Journalist IBP




HSBC has announced the ASEAN Growth Fund, amounting to US$1 billion (IDR 16 trillion), aimed at accelerating the expansion of startups in ASEAN. 

François de Maricourt, President Director of HSBC Indonesia, said that the HSBC ASEAN Growth Fund focuses on companies targeting expansion into the Southeast Asian market.

The funding supports companies in new economic sectors, corporations, and non-bank financial institutions, considering operational business metrics related to portfolio assets’ cash flow generation, rather than solely relying on traditional financial metrics.

“With a long history of 140 years in Indonesia, HSBC has been supporting businesses and the corporate world to grow rapidly,” François said in a media statement on March 28, 2024.

“The launch of this latest funding enables us to further support new economic companies in Indonesia and ASEAN, including startups and growing companies, as they expand into ASEAN and accelerate their business cycles,” François added.

A recent HSBC survey of 600 companies operating in Southeast Asia showed that 42 percent of respondents focus on operational digitization, while 40 percent focus on growth in Southeast Asia, and 37 percent on research and development.

The survey indicates that 89 percent expect intra-ASEAN trade to increase this year, with 32 percent predicting an increase of more than 30 percent. 

About 81 percent of companies in Indonesia plan to invest more in ASEAN, a significantly higher figure compared to 52 percent intending to increase investment outside ASEAN.

Expanding into ASEAN faces challenges such as macroeconomic uncertainty and rapid changes in regulations and policies. 

Two out of three companies say that the main strategy to overcome expansion barriers is ease of making and receiving payments. 

“The rapid digital adoption in ASEAN means that the business world increasingly needs digital banking partners capable of supporting their growth,” Riko Tasmaya, Managing Director of Wholesale Banking HSBC Indonesia, said.

“Banking partners must fully understand different regulations and cultures, as well as utilize their expertise to formulate optimal solutions. Additionally, they must meet the fundamental needs of cross-country growth strategies to ensure business expansion success, whether in ASEAN or beyond,” Riko added.

Journalist IBP






We will provide you with an invoice for your reimbursable expenses.


New to Indonesian market? Read our free articles before subscribing to the premium plan. If you already run your business in Indonesia, make sure to subscribe to the premium subscription so you won’t miss any intelligence & business opportunities.


$550 USD/Year


$45 USD/Month

Cancelation: you can cancel your subscription at any time, by sending us an email inquiry@ibp-media.com

Add keywords to your market watch and receive notification:
Schedule a free consultation with us:

We’ll contact you for confirmation.


The Upstream Oil and Gas Regulatory Task Force (SKK Migas) has confirmed that the shortfall in oil and gas lifting throughout the first quarter of 2024 was due to floods and low gas demand from downstream industries. 
PT Pertamina Hulu Energi (PHE) is refining the development scenarios for the GQX oil prospect, which is part of the Offshore North West Java (ONWJ) Block. 
World crude oil prices have risen following Israel’s attack on Iran and subsequent Iran’s counterattack on Israel, with the Brent crude futures being pushed to trade above US$90 after closing 1.1 percent higher on April 10, 2024, while the West Texas Intermediate (WTI) prices approached US$86.
Indonesian telecommunications company, XL Axiata, has asked the government to reduce the Frequency Usage Fees (BHP) to expedite the implementation of 5G networks, a crucial agenda in advancing technology in the country.
PT Bukit Makmur Mandiri Utama (BUMA) has set up a contract with Blackwater Operations Pty Ltd, a subsidiary of Whitehaven Coal Mining Limited, to provide pre-strip mining services at Blackwater mine, a metallurgical coal mine in Australia.
PT Freeport Indonesia (PTFI) aims for its new copper smelter in the Java Integrated Industrial and Port Estate (JIIPE), Manyar, Gresik, East Java, to commence operations in early June 2024.