HSBC provides the social loan for Gene Solutions

HSBC provided a social loan for Gene Solutions, a biotechnology company headquartered in Vietnam via HSBC Singapore’s groundbreaking $200 million New Economy Fund, designed to empower new economy business growth and innovation in Southeast Asia.

The social loan allows Gene Solutions to continue expanding its healthcare services to Vietnam and ASEAN’s citizens.

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 launch 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 to HSBC's credit management and approval process on sustainable finance.

Gene Solutions is the first venture-backed startup from Vietnam to achieve the Fund’s financing. This financial commitment underscores HSBC’s dedication to nurturing the burgeoning new economy sector, focusing on providing substantial support to businesses that demonstrate rapid growth, clear profitability path, and strong backing from investors. 

“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," Mr. Ahmed Yeganeh, Head of Wholesale Banking, HSBC Vietnam shared. "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. I hope our strategic partnership will continue to blossom, and inspire more businesses to invest in areas that bring more value to our society and the economy.”

In Vietnam, HSBC is one of the first banks that have built a clear new economy strategy to support these companies in the country.

Before this social loan, early this year, HSBC successfully supported Gene Solutions to set up their banking platforms thanks to HSBC’s advanced digital banking capabilities, aiming to facilitate future capital raising needs and their expansion across Singapore, Malaysia, Thailand, Indonesia and the Philippines.

Moreover, HSBC’s retail banking capabilities helped to design a customized interest-free instalment plan, allowing more families to enjoy Gene Solutions’ high-quality testing with convenient payment using the HSBC credit cards.

Gene Solutions was co-founded in 2017 by 3 Vietnamese scientists with background and solid experience in genetics, cancer biology, clinical medicine, and biotechnology. In addition to Vietnam, Gene Solutions has a strong lab partnership network in ASEAN like Singapore, the Philippines, Thailand, Malaysia and Indonesia.

With over 10 years of practicing Cancer Biology and Genetics in the U.S and Vietnam, they discovered the benefits and applications of genetic testing and this realization inspired the birth of "Gene Solutions". Gene Solutions is driven by a mission to provide a comprehensive solution that is accessible, affordable, and widely available to millions across Southeast Asia.