HSBC provides social loan for Gene Solutions

Wednesday, Jun 19, 2024 17:04

Representatives signed documents at a signing ceremony on June 19 in HCM City. — Photo courtesy of the bank

HSBC has levelled up its strategic partnership with Gene Solutions, a biotechnology company, through a social loan, which allows Gene Solutions to continue expanding its healthcare services to Việt Nam and ASEAN’s citizens.

Gene Solutions, founded and headquartered in Việt Nam, has a strong lab partnership network in ASEAN like Singapore, the Philippines, Thailand, Malaysia and Indonesia.

The social loan, HSBC’s first for a Vietnamese corporate group and in the form of a revolving credit facility, is expected to support Gene Solutions with their capital needs, technology upgrades, new product launches and expansion in the region.

These collectively aim to enhance the accessibility to and affordability of, essential healthcare services across Southeast Asia, particularly in early risk detection, non-invasive prenatal testing, cancer screening and diagnosis.

The loan is compliant with HSBC's credit management and approval process on sustainable finance. The social loan was provided via HSBC Singapore’s groundbreaking US$200 million New Economy Fund, designed to empower new economy business growth and innovation in Southeast Asia.

Gene Solutions is the first venture-backed startup from Việt Nam to get the Fund’s financing. In Việt Nam, HSBC is one of the first banks that have built a clear new economy strategy to support these companies in the country. — VNS

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