HSBC-backed trade platform Serai shuts down

Serai, a global B2B platform for SMEs backed by HSBC, has shut down after three years in operation. The start-up’s mission was “to simplify global trade” by providing supply chain solutions to brands and manufacturers.

Serai is no more

“We regret to inform you that Serai will be winding down all operations,” it says on the company’s website.

“Despite a huge amount of progress made by the team, it has proven difficult to build a commercially viable business.

“As a result, we’ve made the difficult decision to close our doors.”

The venture was launched by HSBC in 2019, initially under the name of Jasmine22, with the head office in Hong Kong and banking veteran Vivek Ramachandran as CEO.

Prior to this appointment, Ramachandran was global head of growth and innovation at the bank. He is back at HSBC as general manager, head of global trade and receivables finance.

Khuresh Faizullabhoy, also an HSBC executive at the time, served as chief commercial and product officer at Serai. He is now COO, trade, at Standard Chartered.

HSBC’s Andrew Dennison was Serai’s COO.