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HSBC to appoint Vinay Mendonca CEO of new Embedded Finance Fintech
HSBC is to appoint Vinay Mendonca as Chief Executive Officer (CEO) of its recently-announced joint venture, which will develop and commercialise embedded finance solutions.
The business, which will launch in the first half of 2024, will be 75%-owned by HSBC and 25%-owned by B2B fintech Tradeshift. The Board of the new business will be chaired by Barry O’Byrne, CEO of Global Commercial Banking at HSBC.
Vinay is currently Chief Growth Officer for HSBC’s Global Trade and Receivables Finance (GTRF) division. He has been with HSBC since 2006, holding Product, Transformation and Strategy leadership roles in India, Hong Kong and the UK.
HSBC’s Head of Digital Solutions for GTRF, Shehan Silva, has also been appointed Chief Operations Officer (COO) for the new business. Shehan brings more than twenty-five years’ experience across Commercial Banking, Payments and FX.
The new venture will be a fintech that develops technology which will be used by HSBC to embed its transaction banking solutions into Tradeshift and other fast-growing e-commerce and marketplace venues.
CEO designate, Vinay Mendonca said: “I am delighted to be leading this exciting fintech venture, which 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.”
Further details about the joint venture will be announced ahead of its launch in H1 2024.
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