HSBC Has Appointed Vinay Mendonca As The CEO Designate Of Its New Embedded Finance Joint Venture With US Fintech Tradeshift

Scheduled for a debut in the first half of 2024, the upcoming project aims to create embedded finance solutions and financial services applications. HSBC is investing $35 million in two stages to support the venture, gaining a 75% ownership stake, while Tradeshift will retain the remaining 25%. Barry O’Byrne, HSBC’s CEO of global commercial banking, will chair the board of the new venture.

Mendonca, a seasoned HSBC veteran with over two decades of experience, will spearhead the venture. Currently serving as the chief growth officer for HSBC’s global trade and receivables finance (GTRF) business, he brings extensive experience from leadership roles in product, transformation, and strategy across HSBC’s hubs in India, Hong Kong, and the UK.

Mendonca emphasizes that the venture aligns with HSBC’s vision to support business growth, especially in the expanding realm of e-commerce platforms. The technology developed by the joint venture aims to seamlessly integrate HSBC solutions into these platforms, providing customers with on-demand access to financing.

Shehan Silva, HSBC’s head of digital solutions for GTRF, has been appointed as the chief operations officer (COO) for the new venture. Silva, with over 25 years of experience in commercial banking, payments, and FX, will leverage his expertise gained from diverse roles in various HSBC hubs and his early career as a foreign exchange trader at Citi.