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Sunday, June 23, 2024

HSBC, Dat Bike form strategic partnership

The Saigon Times

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HCMC – HSBC Vietnam and Dat Bike have entered into a strategic agreement, allowing the bank to assist the local electric motorbike manufacturer in digitizing its financial operations and establishing its presence in the international financial market.

In the initial phase, HSBC Vietnam will support Dat Bike in increasing its automation rate by upgrading its accounting system, saving time and improving transaction processing efficiency.

HSBC will also provide a platform for Dat Bike to centrally manage its treasury, laying a strong foundation for the company’s expansion into other Southeast Asian markets, starting with Singapore.

The goal is to help the electric motorbike startup access more opportunities in fundraising rounds and create avenues for foreign investment.

The partnership between HSBC Vietnam and Dat Bike has marked the bank’s new economy strategy, which aims to support high-potential companies that are providing new ways of consuming goods and services.

“Vietnam’s new economy is the fastest growing and has the highest potential in Southeast Asia,” said Ahmed Yeganeh, head of Wholesale Banking at HSBC Vietnam. “Dat Bike is a great example of a new economy corporate with their innovative, entrepreneurial mindset and sustainability strategy to bring green vehicles to Vietnam.”

Founded in 2019 by software engineer Nguyen Ba Canh Son, Dat Bike has introduced three models of electric motorbikes: the Weaver, Weaver 200, and Weaver++. The company aspires to become a leading local manufacturer, producing 100% made-in-Vietnam electric bikes.

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