Asia’s largest companies rarely face a single banking problem. They manage liquidity across multiple currencies, fund expansion in different capital markets, move goods through complex supply chains and hedge risks that can shift from one jurisdiction to the next. HSBC’s achievement in 2025 was to bring those needs into one corporate banking model.
In 2025, the bank brought commercial banking outside Hong Kong and the UK together with global banking and markets to create corporate and institutional banking, giving clients a single route into payments, trade, financing, markets and advisory services. The structure is designed for companies operating across jurisdictions, where treasury, working capital, funding and risk-management decisions must be coordinated rather than handled one product at a time.
In Asia, HSBC operates across 18 markets and combines that physical presence with product leadership in cash management, trade finance, foreign exchange and securities services.
Financing landmark growth
HSBC’s financing franchise matched its transaction banking position. Its debt capital markets work included acting as joint bookrunner and joint lead manager for Temasek on a five, 10 and 30-year offshore renminbi multi-tranche bond.
In equity and equity-linked markets, HSBC was joint global coordinator, active joint bookrunner and capped call counterparty on Alibaba’s $3.17 billion zero-coupon convertible bond, one of the most subscribed convertible bonds globally in 2025. HSBC was joint bookrunner on Tata Capital’s IPO and joint bookrunner lead manager on Travel Food Services Limited IPO, raising $235 million and making the company the only listed travel food services player in Asia.
In Asia, HSBC operates across 18 markets and combines that physical presence with product leadership in cash management, trade finance, foreign exchange and securities services
Transition finance was another successful story for HSBC. The bank was part of a syndicate of 25 banks and five export credit agencies that supported Ørsted £3 billion project financing for its Greater Changhua 2 offshore wind farm in Taiwan.
Mandates closed in 2025 by HSBC show the bank operating across sovereign, corporate, financial institution and sponsor-backed financing rather than relying on one product or market.
Treasury infrastructure at scale
Product development in 2025 concentrated on liquidity that can move continuously across corporate structures. HSBC launched its tokenised deposit service in Hong Kong and Singapore, enabling companies to transfer tokenised bank deposits between corporate wallets in real time, 24 hours a day. Ant International completed the first US dollar cross-border transaction between Hong Kong and Singapore through the service.
The bank also added on-demand cash concentration to its Global Liquidity Engine, allowing treasurers to initiate intraday sweeps across their network. In Singapore, cross-currency cash concentration automates conversion and consolidation, reducing idle balances while managing foreign exchange exposure. Digital merchant services expanded to Singapore and India, bringing online and in-store collection methods into one platform.
HSBC also created a digital front door to standardise onboarding and account opening across several Asian markets. In foreign exchange, it established Global FX Services to simplify delivery and give large companies more consistent access to pricing, execution and risk-management capabilities.
HSBC used its Asian network to structure financing around contracts, inventories, receivables and supply chains. TradePay, its digital supplier-payment platform, operated across 12 Asian markets, while its broader digital trade finance platform was available in 13.
Its structuring capabilities now include contract monetisation, government receivables, asset-backed lending and lease-receivables finance. The bank has also applied APIs and transaction data to underwrite e-commerce merchants, moving trade finance closer to the underlying commercial flows and allowing funding decisions to be made using operating data.
Backing Asia’s next generation
HSBC extended its large corporate franchise into the innovation economy. It launched HSBC Innovation Banking in Singapore with a $1.5 billion financing allocation for high-growth companies, and in India with $1 billion of capital for startups, to support them from seed stage to IPO.
Dedicated teams were also established in Australia, New Zealand and mainland China, connecting venture-backed companies and investors to HSBC’s wider banking and capital markets network.
HSBC’s strength is the way these capabilities reinforce one another: operating accounts feed liquidity structures; trade flows support working capital finance; and longstanding corporate relationships lead into syndicated loans, bond markets, equity issuance and strategic advice. That integrated model makes HSBC Asia’s best bank for large corporates.
