HSBC appoints CEO and COO for new embedded finance JV
HSBC has appointed Vinay Mendonca as the CEO designate of its new embedded finance joint venture with US fintech Tradeshift.
Vinay Mendonca to be CEO of HSBC’s new JV; Image: LinkedIn
Set to launch in the first half of 2024, the new venture will aim to develop embedded finance solutions and financial services apps. It will be backed by a two-stage $35 million investment from HSBC, which will also own 75% of the business, with Tradeshift owning the remaining 25%.
In addition, Barry O’Byrne, CEO of global commercial banking at HSBC, has been named as board chair for the new venture.
An HSBC veteran with more than two decades of work experience, over 17 of which he has spent at the UK banking giant, Mendonca currently serves as chief growth officer for HSBC’s global trade and receivables finance (GTRF) business.
Previously, he has held product, transformation and strategy leadership roles within HSBC’s hubs in India, Hong Kong and the UK.
Commenting on his appointment, Mendonca says the new venture “reflects HSBC’s vision to help businesses grow as they increasingly operate across e-commerce platforms”.
“The JV’s technology will embed HSBC solutions into such venues so that customers can access financing when and where they need it.”
HSBC’s head of digital solutions for GTRF, Shehan Silva, has also been appointed chief operations officer (COO) for the new business, bringing more than 25 years of experience across commercial banking, payments and FX, to his new role.
Silva has spent more than 20 years working in various roles at HSBC’s hubs in Sri Lanka, Sydney, Hong Kong and London, and started his career as a foreign exchange trader at Citi.
