HSBC setting up $1 billion growth fund to scale up digital platform businesses in Southeast Asia

HSBC on Wednesday said it is setting up a $1 billion growth fund called ASEAN Growth Fund that provides lending to companies that are scaling up via digital platforms across Southeast Asia.

The London-headquartered bank is tapping into Southeast Asia’s digital economy, which it said is among the world’s fastest growing, expecting it to hit $600 billion in value by the end of the decade from $218 billion last year.