HSBC Vietnam to help Dat Bike go digital, global

Photo credit: HSBC

Dat Bike, an electric motorbike manufacturer in Vietnam, has partnered with HSBC in the country, a move that will help the former digitalize its financial operations and expand to overseas markets.

The partnership will allow Dat Bike to increase the automation rate of its accounting system, saving processing time and minimizing human errors, according to a statement.

It will also give the firm access to a unified platform to manage its treasury, laying a solid foundation for its entry into other Southeast Asian markets, starting with Singapore. According to a statement from HSBC, the city-state was the biggest investor in Vietnam in 2022 and for the first five months of 2023.

The partnership is in line with HSBC’s “new economy” strategy, where the company seeks to support businesses that look to digitize the way they produce and distribute goods and services.

Ahmed Yeganeh, the head of HSBC’s Wholesale Banking unit, said that Dat Bike is an example of a new economy corporation with a vision for innovation, entrepreneurship, and sustainability.

Dat Bike was founded in 2019, offering electric motorcycles and EV charging through Dat Charge. The company has been profitable as of the end of last year and has recently forged a partnership with Gojek Vietnam to deploy EVs for the super app’s transportation, logistics, and food delivery businesses in the country.

See also: Investors are betting on this e-bike startup to electrify Vietnam’s roads