HSBC Thailand is the big cheese, claims No.1 bank title again
HSBC Thailand once again has proven itself the big cheese of banking, clinching the Best International Bank in Thailand award for the fourth year running from both Euromoney and FinanceAsia. This coveted accolade reflects the bank’s top-notch financial prowess and its solid standing in the Thai market.
The accolades don’t stop at Thailand’s borders! HSBC’s domination extends throughout the ASEAN region, being hailed as the Best International Bank in five out of six countries where it operates.
It’s a clean sweep in Malaysia, Singapore, the Philippines, Vietnam, and, of course, Thailand. This sweep is a testament to HSBC’s dedication to boosting local economies and backing businesses across Southeast Asia.
HSBC Thailand isn’t just about the hype; the bank has bagged awards such as Best Service Provider for Transaction Banking and Best Service Provider for Trade Finance from the Asset Triple A Awards 2024. It’s a pattern of excellence that doesn’t show signs of stopping.
Traditionally serving the big leagues like multinational firms and large corporations, HSBC Thailand is now making bold moves into the mid-market. It aims to power up local medium-sized businesses to seize the golden opportunities ASEAN’s economic growth offers. Through its vast global network and ASEAN Connectivity strategy, HSBC supports a wider spectrum of Thai businesses.
HSBC’s vast international reach is invaluable, making it the perfect partner for wheeling and dealing investments across major trade corridors.
Investments
It’s unlocking dreams and cash flow for both Thai and global clients, said Giorgio Gamba, the big boss at HSBC Thailand.
“We are leveraging the strengths of our parent company to support all customer segments, including multinationals and large Thai corporations.”
Their stellar services boost both inbound and outbound investments, offering the same high-calibre products to mid-market businesses as they do to their larger counterparts. HSBC’s laser focus on cross-border banking services helps local businesses spread their wings internationally, said Gamba.
“Typically, we help local customers expand into three different countries, with some operating in over 20 globally.”
Despite this impressive track record, HSBC isn’t resting on its laurels. There’s constant innovation in financial products and services as they join forces with public and private sectors to propel local businesses and boost the Thai economy, Bangkok Post reported.
Recently, HSBC Thailand inked a deal with the Board of Investment (BoI) to enhance Thailand’s foreign direct investment flows.
This dynamic partnership harnesses HSBC’s vast international network, reaching over 60 countries, to attract FDI to Thai shores, Gamba added
“Through this cooperation, HSBC Thailand will help bolster Thailand as a strategic investment nucleus in Southeast Asia.”
Plans are afoot to team up with the BoI to forge new trade and investment pathways, focusing on regions where HSBC already has a foothold, such as the UK, China, Hong Kong, India, and several others. Thailand is no stranger to being a hotspot for international businesses and FDI. HSBC is devoted to driving investments into sectors where Thailand shines brightest, holding a competitive edge, Gamba said.
“We’re committed to expanding our business, our clientele, investing in Thailand, and linking our clients to global opportunities.”
Gamba added that a recent HSBC Global Connections survey paints Thailand as a major player, with 37% of companies already having a presence there and 18% of multinationals eyeing entry within two years.
“Thailand is a pivotal manufacturing hub in the region, a crucial cog in global supply chains.”
Automotive industries
With a booming manufacturing sector, Thailand is a magnet for FDI, especially in the automotive industries. The electric vehicle (EV) wave, particularly from Chinese automakers, promises a bright future for Thailand’s strategic position.
HSBC is harmonising its strategy with Thailand’s national goals, focusing on EVs, digital innovation, and ESG initiatives. The bank’s high-profile clients from China, across ASEAN, and the US are laser-focused on Thailand’s FDI scene.
Gamba assures HSBC Thailand aims to steadfastly remain the top bank for inbound international business and ascend as the leading choice for Thai corporations and the wealthy elite.
On the digital front, HSBC is trailblazing a path to support Thai business growth through innovations like HSBC UniTransact, a digital marvel streamlining cross-border transactions for better speed, economy, and clarity.
Since its 2022 debut, HSBC Thailand has witnessed a 34% uplift in cross-border payment turnover, with transactions climbing by 27%.
Dominating digital payments, HSBC is ploughing in an extra US$2 billion to enhance its digital banking facelift, showcasing its commitment by processing billions of transactions annually worth a staggering US$600 trillion.
What Other Media Are Saying
HSBC Thailand supports international businesses with comprehensive trade, payment, and financing services, leveraging its global network and local expertise to facilitate growth across Asia. (read more)
Frequently Asked Questions
Here are some common questions asked about this news.
Why is HSBC expanding its focus to mid-market businesses in Thailand?
HSBC sees an opportunity in ASEAN’s economic growth, aiming to support medium-sized enterprises and foster broader business growth.
How does HSBC’s international network benefit Thai businesses?
HSBC’s global reach facilitates cross-border investments, enabling Thai businesses to expand into new markets and connect with international opportunities.
What if Thailand becomes a global leader in electric vehicle manufacturing?
This could attract significant FDI, especially from Chinese manufacturers, boosting Thailand’s economy and its global supply chain integration.
How might digital banking innovations like HSBC UniTransact transform cross-border transactions?
They enhance transaction speed, efficiency, and transparency, potentially revolutionizing how businesses manage international payments.
What are the potential benefits of HSBC’s partnership with Thailand’s Board of Investment?
The collaboration aims to position Thailand as a key investment hub, attracting global FDI by leveraging HSBC’s expansive international networks.
