Gene Solutions secures HSBC loan

June 19, 2024 | 20:15

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Biotechnology firm Gene Solutions has secured a social loan from HSBC to expand its healthcare services in Vietnam and ASEAN.

Gene Solutions, founded and headquartered in Vietnam, has a strong lab partnership network in ASEAN markets such Singapore, the Philippines, Thailand, Malaysia, and Indonesia.

The social loan, HSBC’s first for a Vietnamese corporate group and in the form of a revolving credit facility, is expected to support Gene Solutions with their capital needs, technology upgrades, new product launch, and expansion in the region. These collectively aim to enhance the accessibility to and affordability of essential healthcare services across Southeast Asia, particularly in early risk detection, non-invasive prenatal testing, and cancer screening and diagnosis.

The loan was provided via HSBC Singapore’s groundbreaking $200 million New Economy Fund, designed to empower new economy business growth and innovation in Southeast Asia. Gene Solutions is the first venture-backed startup from Vietnam to achieve the fund’s financing.

Ahmed Yeganeh, head of Wholesale Banking, HSBC Vietnam, said, "We are pleased that this cooperation will help improve Vietnam and the region’s prenatal testing and cancer diagnosis capabilities, and allow more people access to affordable and innovative testing. This partnership is also a testament to HSBC’s focus on sustainability and supporting the new economy in ASEAN. I hope this move inspires more businesses to invest in areas that bring more value to our society and the economy."

Before this social loan, early this year, Gene Solutions also received HSBC's support to set up their banking platforms, aiming to facilitate future capital raising needs and their expansion across the region.

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