HSBC hires CEO to lead embedded finance venture
HSBC wants to develop and commercialise embedded finance solutions across payments and other fintech services.
HSBC has hired Vinay Mendonca as CEO of its new embedded finance joint venture.
HSBC wants to develop and commercialise embedded finance solutions, with Mendonca hired from HSBC’s global trade and receivables finance division to get it up and running. He was previously chief growth officer of the division.
Mendonca has worked for HSBC since 2006, with leadership roles in India, Hong Kong and the UK.
Shehan Silva has been hired, also from the same division, as its chief operations officer She has more than twenty-five years of experience across commercial banking, payments and FX.
Barry O’Byrne, CEO of global commercial banking at HSBC will chair the new venture's board.
The business, set to launch in the first half of 2024, will be 75 per cent owned by HSBC and 25 per cent owned by B2B fintech Tradeshift.
“I am delighted to be leading this exciting fintech venture, which reflects HSBC’s vision to help businesses grow as they increasingly operate across e-commerce platforms. The JV’s technology will embed HSBC solutions into such venues so that customers can access financing when and where they need it,” Mendonca said.
HSBC initially invested $35m into Tradeshift in the summer of 2023.