JV bank eyes yuan loans to help tech firms
Print Edition
OPTIMISM in China’s technology industry is pushing SPD Silicon Valley Bank, the country’s first bank catering to financial needs of technology and innovation companies, to expand in the yuan business.
Equally owned by Shanghai Pudong Development Bank and US-based Silicon Valley Bank, the joint venture seeks regulatory approval to operate in the yuan business after over two years in US dollar-denominated banking, said Dave Jones, president of SPD Silicon Valley Bank.
“With access to yuan business, we will be able to help more companies in a greater way,” Jones said.
It usually takes three years for foreign-funded banks in China to get regulatory approval to offer yuan-denominated banking services.
Jones, who will join a discussion on how to encourage young entrepreneurs as part of the Pujiang Innovation Forum that opens today in Shanghai, is confident China’s slowing economy will not hinder the technology industry.
“Unlike any other industry, innovation business is recession-resistant,” Jones said, citing his 17 years’ experience in offering loans to technology companies.
He said businesses engaged in innovation were usually the last to be affected by the recession because companies tended to leverage technology in order to get the most revenue for the least cost.
Set up in 2012, the joint venture bank was the first in China dedicated to providing financial services for firms engaged in hardware, software, Internet, mobile communication, consumer technology, life science, clean technology, and new materials.
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