HSBC & Dat Bike enter into strategic partnership

HSBC Vietnam and Dat Bike have signed a strategic agreement that allows Vietnam’s leading international bank to help the electric motorbike manufacturer digitalize its financial operations and set up an initial footprint in the overseas financial market, opening up more opportunities to access foreign investment.

In this initial stage of cooperation, HSBC Vietnam will help Dat Bike increase its automation rate by upgrading its accounting system, allowing it to create and approve a bulk of transactions with only one click, saving processing time and transacting more effectively and accurately while minimizing human error.

In order to support the startup to approach more opportunities in fundraising rounds, HSBC Vietnam offers one consistent platform for Dat Bike to centrally manage treasury, setting the company’s strong foundation to expand to other Southeast Asian markets, starting from Singapore, the biggest investor in Vietnam in 2022 and the first five months of 2023.

The strategic ties between HSBC Vietnam and Dat Bike has materialized the bank’s new economy strategy, where it fuels high potential new economy companies that make fundamental shifts in the way they produce and distribute, to serve new ways of consuming goods and services.

Mr. Ahmed Yeganeh, Head of Wholesale Banking at HSBC Vietnam, said Vietnam’s new economy is the fastest growing and has the greatest potential in Southeast Asia.

“Given the dramatic changes in Vietnam’s economy, in terms of the way companies are doing business, changing consumer behavior driven by a growing middle class, and increasing internet penetration and higher rates of online shopping, the new economy promises to play a key role in economic growth,” he added. “Dat Bike is a great example of a new economy corporate, with their innovative, entrepreneurial mindset and sustainability strategy to bring green vehicles to Vietnam. They are also an inspiration for other Vietnamese companies to move forward in sustainability and innovation. HSBC shares the same vision in growing and supporting Vietnam to develop sustainably.”

CEO of Dat Bike, Son Nguyen, said it is honored to become a strategic partner of HSBC and appreciates the bank’s flexibility and pioneering efforts in providing new solution packages to support green business groups. “Through this partnership, Dat Bike hopes to contribute to HSBC’s ‘new economy’ ecosystem, thereby digitizing business operations and mobilizing additional capital to follow the mission of converting gasoline motorcycles into electric motorcycles in Vietnam and Southeast Asia,” he said.

The cooperation will ignite more opportunities for HSBC not only to support Dat Bike’s operations and fundraising but also allow their customers to access advanced electric mobility products more easily and affordably.

HSBC launched Innovation Banking this month, which includes the former Silicon Valley Bank UK, with newly-formed innovation teams in the UK, the US, Israel, and Hong Kong (China), aiming to deliver a globally-connected, specialized banking proposition to support a broad range of innovation businesses and their investors.

The new business concept, in the later stages, will become the premise for supporting new economy businesses around the world, including in Vietnam, to post high growth, connect foreign investors, and access international capital through the bank’s strong network and rich experience and knowledge in the banking and finance industry.