Vietnamese biotechnology company Gene Solutions receives social loan from HSBC
With the help of a social loan, HSBC has strengthened its strategic alliance with Vietnam-based biotechnology company Gene Solutions, enabling the latter to keep providing healthcare services to the people of Vietnam and ASEAN.
Gene Solutions has a robust network of lab partnerships throughout ASEAN, including Singapore, the Philippines, Thailand, Malaysia, and Indonesia, according to a statement released by HSBC on Wednesday.
Gene Solutions is expected to benefit from the social loan, which is HSBC’s first for a Vietnamese corporate group and takes the form of a revolving credit facility, in meeting their capital needs, technology upgrades, new product launch, and regional expansion.
Together, these seek to improve Southeast Asia’s ability to obtain and afford basic medical services, with a focus on cancer screening and diagnosis, non-invasive prenatal testing, and early risk identification.
The loan complies with the credit management and sustainable finance approval procedures of HSBC.
Through its ground-breaking US $200 million New Economy Fund, established by HSBC Singapore to support new economy business growth and innovation in Southeast Asia, the social loan was given.
The first Vietnamese startup receiving venture capital funding is Gene Solutions.
With a focus on offering significant support to companies that exhibit quick growth, a clear path to profitability, and solid investor support, HSBC is demonstrating its commitment to fostering the emerging new economy sector with this financial commitment.
Among the pioneer banks in Vietnam, HSBC has developed a well-defined new economy approach to assist these businesses there.
“We are pleased that the cooperation between Gene Solutions and HSBC will help contribute to improving Vietnam and the region’s prenatal testing and cancer diagnosis capabilities, allowing more people to access affordable and innovative tests,
“This partnership is also a testament of HSBC’s strong capabilities in banking solutions, and our strategic focus in sustainability and supporting the new economy in ASEAN,” said Ahmed Yeganeh, Head of Wholesale Banking, HSBC Vietnam.
He believes that the strategic alliance will grow further and encourage more companies to make investments in sectors that benefit the economy and society more broadly.
Due to HSBC’s sophisticated digital banking capabilities, Gene Solutions was able to successfully establish their banking platforms prior to this social loan, early this year. The goal was to support Gene Solutions’ expansion throughout Singapore, Malaysia, Thailand, Indonesia, and the Philippines, as well as their future capital raising needs.
