Singapore-based digital infrastructure platform Olea Global Pte Ltd (Olea) has secured $100 million in warehouse financing from HSBC and alternative credit manager Manulife | CQS Investment Management, a company of Manulife Investment Management.
The facility will provide Olea with additional liquidity to grow its business. According to Olea CEO Amelia Ng, this financing arrangement is a pivotal moment for Olea.
“Olea has demonstrated remarkable growth and resilience in a competitive market. We are glad to be able to support their growth with this financing facility which will provide them with the resources needed to continue their expansion,” said Jessica Wu, Head of Non-Bank Financial Institutions (NBFI) at HSBC Singapore.
Olea’s platform directs global liquidity to support trade and supply chain finance. Olea was incubated within SC Ventures. Olea aims to transform the landscape for smaller suppliers in developing and emerging markets, bridge the financing gap, and foster greater economic inclusion.
Early this month, digital finance platform Funding Societies also announced securing a third credit facility from lender HSBC under the latter’s $1-billion ASEAN Growth Fund. The latest transaction brings HSBC’s total commitment to Funding Societies, known as Modalku in Indonesia, to over $100 million since they first partnered in 2022.
In March this year, British financial services group HSBC set aside $1.15 billion across two new debt funds focused on “digitising” companies in Southeast Asia. The $1-billion ASEAN Growth Fund will focus on cashflow-generating startups looking to tap debt to expedite their economies of scale, advance product lifecycles, and grow their asset portfolios.