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HSBC shutters Hong Kong-based trade start-up Serai

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Reuters UK

By Selena Li and Anshuman Daga HONG KONG (Reuters) -A Hong Kong-based trade platform launched by HSBC Holdings three years ago with much fanfare has shut down after failing to build a commercially viable business. Serai, a wholly-owned subsidiary of Europe’s biggest bank, that connected small-and-medium-sized apparel makers with component suppliers worldwide, was HSBC’s first investment in a non-banking tech startup. “The decision to wind down Serai follows a thorough business review and is a purely commercial decision,” HSBC said in a statement to Reuters on Wednesday but did not give details…

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