HSBC Vietnam has recently entered a strategic partnership with Vietnam-headquartered Gene Solutions, a regional biotechnology company focusing on oncology and pregnant women’s health, under which the former will provide banking solutions that support the upgrade Gene Solutions’ operations.
Under the partnership, HSBC’s global network is expected to enable Gene Solutions to set up solid banking platforms with the aim of facilitating future capital raising needs.
This will help Gene Solutions efficiently centralize their accounting system among ASEAN members, including Indonesia, Philippines, Singapore, and Thailand, by connecting them with the host platform in Vietnam. This centralization will provide enhanced visibility and control over cash flow and financial status, enabling a robust treasury management solution.
Gene Solutions is aiming to give consumers access to advanced genetic solutions. HSBC’s retail banking capabilities have helped to design a customized interest-free instalment plan, allowing more families to enjoy Gene Solutions’ high-quality testing with safe financing solutions when paid using HSBC credit cards.
According to Vietnam’s Ministry of Health, 159 out of every 100,000 Vietnamese people are diagnosed with cancer, and one of the leading causes of death from cancer is late diagnosis. Also, every year, 41,000 Vietnamese children are born with birth defects, one of the leading causes of death among newborns and children. These issues, which may impact Vietnamese people’s quality of life and Vietnam’s labor force, can be minimized with early diagnosis, but this is currently limited due to high costs.
HSBC anticipates that Mekong Capital-invested Gene Solutions will increase the accessibility and affordability of essential healthcare services in Southeast Asia. The company’s business supports early risk detection and timely medical intervention focusing on more economical and safer non-invasion prenatal testing and cancer screening and diagnosis based on Next Generation Sequencing technology.
“Through our leading international capabilities, financial expertise and experience, HSBC is delighted to support Gene Solutions on their way to achieve their ambitions. With this partnership, we want to affirm HSBC’s strategy in supporting new economy companies in Vietnam, and hope to inspire more Vietnamese corporates to create added value for the country and its people,” said Ahmed Yeganeh, head of Wholesale Banking, HSBC Vietnam.
This cooperation underscores HSBC’s dedication to nurturing the burgeoning new sector, focusing on providing substantial support to businesses that demonstrate rapid growth, a clear profitability path, and strong backing from investors. In Vietnam, HSBC was one of the first banks to build a clear new economic strategy to support these companies.
Nguyen Huu Nguyen, deputy general director and co-founder of Gene Solutions, said: “The cooperation between HSBC and Gene Solutions will be a critical step forward, contributing to Gene Solutions becoming a leading company in gene technology, materializing its expansion not only in Vietnam and Southeast Asia but also around the world.”