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HSBC Launches Innovation Banking Unit, CEO Noel Quinn Cautious About Offering Crypto to Retail Investors

June 18 (Cointime) - HSBC, the largest bank in Europe with almost $3 trillion in assets under management, has launched its Innovation Banking unit to focus on tech and life science companies.

The unit will combine SVB UK with newly formed teams in the US, Israel, and Hong Kong. HSBC CEO Noel Quinn believes that acquiring Silicon Valley Bank UK was a natural fit, as HSBC was founded to finance entrepreneurs. Quinn is cautious about offering cryptocurrency as an asset class to retail investors, but is a supporter of blockchain technology. HSBC is developing its own custody solution for digital assets and is fully invested in central bank digital currencies.

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