HSBC’s Jasmine22, a tech-based solution built on Google Cloud to cater to the trading needs of globally-minded SMEs, is now known as Serai.
The venture, which has been cloaked in secrecy since its inception in February, is part of the bank’s technology investment into shaping the future of global trade, as Vivek Ramachandran, CEO, of the project, told GTR at the time. “Jasmine22 is a concept that takes a different approach to traditional trade to meet the specific needs of small businesses,” he said.
Based in dedicated office space at The Great Rooms, a co-working space in Hong Kong, the venture has been operating as a standalone startup environment with the backing of HSBC. Current job listings for Serai now indicate that it is to be based at Taikoo Place, a commercial building complex located in Quarry Bay.
Joining Ramachandran in the C-suite of the startup are Khuresh Faizullabhoy, HSBC’s global head of GTRF services, who will serve as chief product officer; and Andrew Dennison, the bank’s managing director of commercial banking growth and innovation, who is taking on the role of COO.
While few details are available about the project, trademark filings at the United States Patent and Trademark Office for Serai, finalised just last week, indicate that it will involve “downloadable application software for a platform for an online network for small and medium-size businesses to connect and find financing services, namely loans”.
Ramachandran this week told Reuters that Serai could be likened to a LinkedIn of global trade, with the idea being to “create a platform where buyers and sellers come together”.
Serai is currently recruiting for a number of technology, legal, platform and operations roles. A prior job posting for a business development hire to build relationships with SMEs, Hong Kong government bodies, trade organisations and other stakeholders, looks to have been filled.