HSBC shuts down HK trade platform

HSBC has announced the closure of its Hong Kong-based trade platform after failing to build a commercially viable business. Launched by HSBC Holdings three years ago with much fanfare, Serai was a wholly-owned subsidiary of Europe's biggest bank that connected small-and-medium-sized apparel makers with component suppliers worldwide. It was HSBC's first investment in a non-banking tech startup. The London-headquartered bank said the decision to wind down Serai follows a thorough business review and is a purely commercial decision. Serai, through its now defunct website, announced that it is winding down all operations. It said that despite a huge amount of progress made by the team, it has proven difficult to build a commercially viable business. As a result, it made the difficult decision to close its doors.