HSBC has named Vinay Mendonca chief executive officer of its joint venture with B2B trade platform Tradeshift.

Initially announced in August, the as-yet-unnamed business is 75%-owned by HSBC and 25%-owned by Tradeshift. Once up and running in the first half of 2024, it will develop and commercialise technology that will be used by HSBC to embed its transaction banking solutions into Tradeshift and other fast-growing e-commerce and marketplace venues, the bank says.

Mendonca (pictured) has been with HSBC since 2006, holding product, transformation and strategy leadership roles in India, Hong Kong and the UK. He is currently chief growth officer for HSBC’s global trade and receivables finance (GTRF) division, a role he took on last year.

“I am delighted to be leading this exciting fintech venture, which reflects HSBC’s vision to help businesses grow as they increasingly operate across e-commerce platforms,” Mendonca says. “The joint venture’s technology will embed HSBC solutions into such venues so that customers can access financing when and where they need it.”

An HSBC spokesperson tells GTR that Mendonca will continue with his current responsibilities at the bank until a successor is appointed.

Joining Mendonca in the C-suite of the new company is Shehan Silva, who will take on the chief operations officer position. Silva brings more than 25 years of experience across commercial banking, payments and FX and is currently HSBC’s head of digital solutions for global trade and receivables finance.

The board of the new business will be chaired by Barry O’Byrne, HSBC’s CEO of global commercial banking.