The wholly invested insurance subsidiary of British investment bank HSBC has launched a new fintech company in the Chinese financial hub of Shanghai.
HSBC Insurance (Asia-Pacific) Holdings Limited announced on 9 September that it had established HSBC Fintech Services (Shanghai) Co., Ltd. (HSBC Fintech Servco) (汇丰金融科技服务(上海)有限责任公司) in the Shanghai free trade zone of Lingang.
HSBC Fintech Servco is expected to commence business prior to the end of 2020, and will initially provide tech innovation and “digital energisation” to HSBC Group’s new mobile financial planning services in China.
During the initial period HSBC Fintech Servco will focus on the research and development of various tools for bespoke personalised financial planning, as well as the development of a platform for enterprises to manage the welfare and healthcare of staff.
The company will also help clients with the completion of data integration and the provision of new data-based services.
HSBC Fintech Servco will subsequently expand its services to include support for licensed financial institutions both within and outside of the HSBC Group.
Bryce Johns, HSBC Insurance Chairman, said that the establishment of a fintech subsidiary in Lingang was part of HSBC’s ongoing investment in the Chinese market and fintech sector.
Johns said that HSBC hoped to better integrate leadings fintech innovations in China with HSBC’s international financial experience, to help drive further opening of the Chinese economy and make a contribution to innovation growth.