SINGAPORE, [March 22, 2024] – Akulaku Group (“Akulaku” or “The Company”), a leading banking and digital finance platform in Southeast Asia, today announced the successful closing of a credit facility from HSBC Singapore branch of up to $100 million (including an uncommitted accordion). The strategic financing arrangement will further enable Akulaku’s expansion plans, deepening its presence and relationships throughout Southeast Asia and support the development of new financing products.
This collaboration between Akulaku and HSBC marks their inaugural international financing deal and symbolizes a significant contribution to the advancement of inclusive finance. Balancing HSBC’s global footprint and deep regional expertise with Akulaku’s cutting-edge digital financial products in Southeast Asia, both Akulaku and HSBC are dedicated to providing unparalleled inclusive financial access for the region’s underbanked populations. Shifting seamlessly from global vision to regional precision, this deal will help both companies remain steadfast in their commitments to achieving excellence across every market they serve.
Commenting on the deal, HSBC Singapore’s Shaun Sakhrani, Head of Structured Banking, Southeast Asia, said, “We are pleased to support Akulaku Group on their growth ambition by leveraging HSBC’s global network, deep regional presence, and comprehensive banking capabilities and solutions. This deal reinforces our commitment to support new economy businesses as they move along the different growth stages and expand across the region.”
“We are excited to announce our collaboration with HSBC Singapore, a pivotal milestone for our rapid regional expansion plan. Central to this partnership is a shared dedication to innovation, which underscores our mutual commitment to its success,” stated Fan Zhang, CFO of Akulaku Group. “This financial support is instrumental in propelling our continuous efforts to meet the unique financial requirements of underserved communities across Southeast Asia. At Akulaku, we remain resolute in our commitment to utilizing cutting-edge technology to seamlessly provide digital financial solutions in the region, thereby significantly enhancing the lives of our customers.”
This deal firmly positions Akulaku as an industry trailblazer, fortified by the support of another globally recognized financial institution. Envisioned as a cornerstone for fostering deeper and more expansive cooperation, the financing arrangement with HSBC aims to deliver enhanced digital financial services for customers and continue to expand its pivotal role in the rapid development of the Southeast Asia region.
About The Akulaku Group
The Akulaku Group is a leading banking and digital finance platform in Southeast Asia, with a presence in Indonesia, the Philippines, Thailand, and Malaysia. Its foremost goal is to address the daily financial needs of underserved customers in emerging markets by providing digital banking, digital financing, digital investment, and insurance brokerage services. The Company’s pioneering technologies are dedicated to enhancing the lives of its users and partners by facilitating access to digital finance. In addition to the Akulaku virtual credit card and ecommerce platform, the company operates Asetku and OneAset, online wealth management platforms; Neobank, a mobile digital bank supported by Bank Neo Commerce; and OwnBank, an innovative banking and financial management app. The Akulaku Group’s mission is to serve 50 million users across Southeast Asia by the year 2025.
For more information, please visit www.akulaku.com.
About The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 62 countries and territories. With assets of $3,021bn at 30 September 2023, HSBC is one of the world’s largest banking and financial services organisations.