HSBC announces partnership with AllBright
HSBC Private Banking and AllBright have announced that they have entered a partnership to progress female entrepreneurship in Hong Kong, hoping to inspire change and support female entrepreneurs in overcoming challenges during the investment process.
The action has been taken following a HSBC Private Banking (HSBC) report entitled ‘She’s the Business’, which revealed that female entrepreneurs have found it challenging to prepare a business plan and deal with negotiations with investors during the pitching process.
To try and inspire change, HSBC and AllBright have hosted pop-up events in Hong Kong, which included pitch courses, investor workshops and a Pitch Day, following the tend of similar events which have been hosted in the UK and US.
The pop-up workshops drew on the Bank and AllBright’s combined commitment and expertise to providing female entrepreneurs with the opportunities and resources needed to grow their businesses.
The event featured seven ambitious female entrepreneurs who have founded and headquartered their respective companies in Hong Kong. They pitched their business to experienced angel investors, high-net-worth individuals and business leaders. The event itself was focused on helping, coaching and mentoring female entrepreneurs, according to a press release by HSBC.
Siew Meng Tan, Regional Head, Asia Pacific, HSBC Private Banking said of the partnership that “We are proud to work with AllBright to bring the Pitch Day Series to Hong Kong. The highly competitive entrepreneurial environment in Hong Kong has produced many successful female entrepreneurs. We believe the event has helped strengthen confidence in the female entrepreneur community and represents a move in the right direction for the industry and investment landscape in Hong Kong.”
HSBC is also a founding partner of the ‘WealthiHer Network’ in the UK, which was first partnered by JPMorgan Private Bank in the Asia region, and proclaims to take an active role in understanding the barriers preventing female entrepreneurs from reaching their full potential.
HSBC’s ‘She’s the Business’ survey revealed that while Hong Kong has the highest proportion of gender balanced investor panels compared to other markets at 81% of all panels, 31% of female entrepreneurs in Hong Kong said they have experienced gender bias when securing capital. The report has also revealed that female entrepreneurs in the city face one of the longest processes for raising capital, averaging nearly 10 months.
Debbie Wosskow, Co-Founder, AllBright commented that “We are delighted to be partnering with HSBC Private Banking. They bring a wealth of business knowledge, global connections and decades of experience to AllBright’s Pitch Days – helping to achieve our joint ambition of supporting female entrepreneurs.”
Allbright is women’s only members club which offers female entrepreneurs’ workspaces, networking events and panels, and the skills and tools for them to be successful in their pursuits.
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