HSBC pulls plug on Hong Kong-based trading startup Serai
The startup said it has been ‘difficult to build a commercially viable business’.
HSBC Holdings has shut down its Hong Kong-based trading startup Serai, saying that it failed ‘to build a commercially viable business’.
The startup, which is wholly owned by the European-headquartered bank, was the first investment of HSBC in a non-tech startup.
“We regret to inform you that Serai will be winding down all operations. Despite a huge amount of progress made by the team, it has proven difficult to build a commercially viable business. As a result, we’ve made the difficult decision to close our doors. We are grateful to our customers, partners and colleagues who have supported Serai since its inception,” Serai said on its web page.
In a statement to Reuters, HSBC said that the decision to wind down Serai follows a thorough business review and is a purely commercial decision.
Founded three years ago, Serai is a trading platform that connects apparel makers and suppliers in the garments industry.