Strategy
HSBC Private Banking Backs Female Finance Network
The private bank has lent its voice to a global programme aimed at improving financial services for female entrepreneurs.
HSBC Private Banking announced yesterday that it has joined a network to give women greater opportunities in the financial sector, such as offering the services available to entrepreneurs.
The private bank has signed up to The WealthiHer Network organisation. The WealthiHer group was founded in 2019 by UK entrepreneur Tamara Gillan of Cherry London, an advocate for female empowerment, and Lauren von Stackelberg, who is described on the organisation’s website as a “a diversity change agent who spent 10 years in finance”. HSBC has joined the Asian chapter of this organisation, formed in early 2020.
The network will carry out new research in Singapore, Hong Kong and mainland China to understand the needs and attributes of female investors to form the change agenda needed to transform the finance industry. HSBC Private Banking is one of the founding partners of both its UK and Asia chapters.
“HSBC Private Banking takes gender equality in entrepreneurship seriously. Our recent research also reveals that a third of female entrepreneurs experience gender bias when raising capital for their business. Female entrepreneurs are clearly still playing catch-up and this needs to change. We are keen to help create a level playing field for them to succeed.” Siew Meng Tan, regional head, Asia Pacific, HSBC Private Banking, said.
The private bank said that last year it promoted the needs of businesswomen in Asia, by commissioning the She’s the Business report, for example, which explored the obstacles female entrepreneurs face. In November, HSBC Private Banking also partnered with AllBright - a UK-based women's only membership club and digital network that supports female entrepreneurs - on its Hong Kong debut.
Among recent news, HSBC Private Banking appointed one of its own senior figures, Greg Hingston, as the Asia-Pacific region head of the newly-formed wealth and personal banking segment created in the lender’s recent organisation overhaul.
