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Fintech Insider Podcast by 11:FS
804. News: Exits for HSBC, Chip reaches profitability and is Klarna taking on Shopify?
Nov 20, 2023
Guests Alex Johnson and Paul Delaney join the hosts to discuss HSBC's refocus on Asia, Chip's journey to profitability, and Klarna's shift to marketplace and merchant enablement. They also explore the EU and Parliament's agreement on new instant payment rules and the value of human interaction in customer service.
01:03:38
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Quick takeaways
- HSBC is retreating from new markets and focusing on Asia to expand and strengthen its presence.
- Chip reports its first profitable quarter due to increased deposits and offering a range of financial services.
Deep dives
HSBC pulls out of new markets to focus on Asia
HSBC has decided to retreat from new markets and double down on its focus on Asia. This strategic move follows a trend seen from HSBC and other organizations to refocus their efforts and bring about a new level of concentration. HSBC has already sold its Canadian businesses and exited the US retail banking market, and it may exit up to one-fifth of its current markets. The decision to retrench is driven by HSBC's desire to expand and strengthen its presence in Asia.
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