HSBC has launched SemFi by HSBC, which is a joint venture between the bank and B2B global trade network Tradeshift.
The new jointly-owned technology company aims to deliver “Seamless Embedded Finance” solutions to business clients.
SemFi will embed HSBC payment, trade and financing solutions across a range of ecommerce and marketplace venues, including Tradeshift’s own B2B network.
Initially, SemFi will rollout its solutions in the UK, enabling SME suppliers on ecommerce venues to access digital invoice financing from HSBC.
Vinay Mendonca has been appointed chief executive officer of SemFi.
He has held product, transformation and strategy leadership roles in India, Hong Kong and the UK, having joined HSBC in 2006 and, most recently, was the chief growth officer for HSBC’s Global Trade Solutions (GTS) division.
Mendonca said: “Businesses are increasingly looking for seamless financial solutions that are embedded within their ecommerce journeys, so they can access these when and where they need them.
“SemFi by HSBC aims to deliver such embedded capabilities to help businesses grow. It will seek to bring the best of both worlds to our business customers and ecommerce partners; a startup technology mindset, coupled with the global scale and expertise of an international bank.”
Shehan Silva has been named chief operating officer of SemFi, having previously been head of digital solutions for GTS and head of business management for International Subsidiary Banking at the bank.
Jo Miyake, interim chief executive officer of global commercial banking at HSBC, has joined the board of SemFi.
