The HSBC Vietnam will support Dat Bike Vietnam Co. in digitalising its financial operations and taking initial steps into the international financial market.

Under an agreement on strategic cooperation signed recently between the two sides, in the initial phase of collaboration, HSBC Vietnam will help Dat Bike increase the rate of automation through upgrading its accounting system, enabling the firm to initiate and approve a series of financial transactions with just a click.

The strategic agreement brings Dat Bike opportunities to access foreign capital sources.

HSBC will provide a unified platform for the Vietnamese e-vehicle startup to manage centralised capital, creating a solid foundation for the firm to expand its operation to other Southeast Asian markets, starting with Singapore - the largest foreign investor in Vietnam in 2022 and the first five months of2023.

On the other hand, the strategic partnership with Dat Bike will help realise HSBC Vietnam’s strategy towards promoting promising companies which undergo fundamental transformations in their production and distribution methods.

According to Ahmed Yeganeh, head of Wholesale Banking of HSBC Vietnam, Vietnam’s promising new economic sectors will play an important role in the Southeast Asian nation’s economic growth.

Dat Bike is an example of a new economy corporate with their innovative business mindset and sustainability strategy to bring green vehicles to Vietnam, he noted.

Founded in 2019 by software engineer Nguyen Ba Canh Son, Dat Bike has produced three models of electric motorbikes. The company is striving to become a leading local manufacturer in greening the 25-billion-USD two-wheeler industry in Southeast Asia.

Son said that through the partnership, the firm wishes to join HSBC’s effort in developing a “new economy” ecosystem, thus mobilising more capital to realise the goal of converting petrol motorbikes to electric ones in Vietnam and Southeast Asia.

VNA