Based in Sydney, Australia, HSBC has appointed Simon Babbage as head of payments and cash management, a position focused on delivering products and management services for cash and liquidity to financial institutions.
Babbage will also be reporting to James Hogan, head of commercial banking for HSBC in Australia and John Laurens, head of payments and cash management in Asia Pacific.
“Australia’s global trade and capital flows continue to increase, as do its links with Asia,” says Hogan. “With 80% of Australia’s total exports expected to go into Asia by 2020 and increasing capital investment flows there, Australia’s economy is becoming more tied to the Asian economies than ever before.”
In addition to expanding payment and cash management capabilities, HSBC will also be investing in strategies focused on finding opportunities in China.
Laurens adds, “the Chinese government is continuing to internationalist its currency and has launched several pilot schemes that allow selected cash-rich companies, operating China, to move their renminbi holdings offshore. HSBC has been at the forefront of these pilots and is well equipped to help Australian companies participate and make better use of their renminbi holdings.”