The award recognises achievements in entrepreneurship and digital transformation, with the aim of showcasing best-in-class initiatives that are creating new ways of operating and growing businesses through enabling technologies.
Commenting on the win, Gavin Powell, Head of Global Markets and Securities, HSBC Singapore said: “This award is recognition of the value of partnerships in unlocking the potential of emerging technologies like DLT. We believe that co-creating digital solutions is the way forward to truly innovate market infrastructure and add to the value chain. We look forward to continued close collaboration with our partners and clients to drive innovation in financial services.”
In September 2020, HSBC Singapore, SGX and Temasek, completed the first digital bond issuance on SGX’s digital asset issuance, depository and servicing platform, successfully replicating a S$400 million 5.5-year public bond issue and a follow-on S$100 million tap of the same issue by Olam International.3 The digital bond used HSBC’s on-chain payments solution which allows for seamless settlement in multiple currencies to facilitate transfer of proceeds between the issuer, arranger and investor custodian. The platform generates significant efficiencies by serving as a single source of truth for network participants, removing the need for reconciliations. Smart contracts, governing rights and obligations on the platform enable automation of the end to end value chain.
HSBC Group’s history in Singapore dates back to 1877 when its founding member, The Hongkong and Shanghai Banking Corporation Limited, opened its first branch on the island. A qualifying full bank, HSBC in Singapore offers a comprehensive range of banking and financial services including retail banking and wealth management; commercial, investment and private banking; insurance; forfaiting and trustee services; securities and capital markets services. One of the earliest banks to establish in Singapore, HSBC today is a prominent player in Singapore's financial services sector serving the banking needs of multi-national corporations, home-grown businesses, private banking clients, institutional and retail customers. In May 2016, HSBC locally incorporated its retail banking and wealth management business in Singapore and established, HSBC Bank (Singapore) Limited. HSBC Singapore has a retail network of 13 branches (comprising 10 dedicated HSBC Premier Centres, 2 HSBC Jade Centres and a Premier International Centre) and many locations across the island providing self-service terminals