HSBC has designated Vinay Mendonca as the Chief Executive Officer of its forthcoming joint venture with B2B trade platform Tradeshift. This joint venture, initially disclosed in August, is poised to commence operations in the first half of 2024. The unnamed enterprise is structured with HSBC holding a 75% stake and Tradeshift holding the remaining 25%. Its primary objective is to pioneer and commercialise technology geared towards integrating HSBC’s transaction banking solutions into Tradeshift and other rapidly expanding e-commerce and marketplace platforms.
Vinay Mendonca, a veteran at HSBC since 2006, has assumed various leadership roles encompassing product, transformation, and strategy in India, Hong Kong, and the UK. Currently serving as the Chief Growth Officer for HSBC’s global trade and receivables finance (GTRF) division, Mendonca expressed his enthusiasm for leading this innovative fintech venture. He highlighted its alignment with HSBC’s vision to facilitate the growth of businesses navigating the landscape of e-commerce platforms. The joint venture aims to leverage technology to seamlessly integrate HSBC solutions into these platforms, providing customers with timely and accessible financing options.
Mendonca will continue to fulfil his current responsibilities at HSBC until a successor is appointed, according to an HSBC spokesperson. The executive team of the new venture will include Shehan Silva as the Chief Operations Officer. Silva, currently the Head of Digital Solutions for Global Trade and Receivables Finance at HSBC, brings over 25 years of expertise in commercial banking, payments, and foreign exchange.
Barry O’Byrne, HSBC’s CEO of Global Commercial Banking, is set to chair the board of the newly established business, further solidifying HSBC’s commitment to this strategic collaboration.