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    Kendra Yan • China International Capital Corporation (CICC)

    Kendra Yan's questions to HSBC Holdings PLC (HSBC) leadership

    Kendra Yan's questions to HSBC Holdings PLC (HSBC) leadership • Q2 2025

    Question

    Kendra Yan of CICC asked about the sustainability of the strong non-interest income growth seen in Q1 and Q2, particularly from wealth and FX. She also inquired about HSBC's strategy and initiatives regarding stablecoins and cryptocurrencies.

    Answer

    Group CEO Georges Elhedery explained that HSBC's tokenized deposit service is live for wholesale clients in Hong Kong and Singapore, with more markets coming. The bank is watching stablecoin regulation closely before offering further services and has no appetite for unpegged crypto assets. Group CFO Pam Kaur added that while quarterly results can be volatile, underlying drivers like net new invested assets provide an annuity-like revenue stream.

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    Kendra Yan's questions to HSBC Holdings PLC (HSBC) leadership • Q2 2025

    Question

    Kendra Yan of CICC asked about the sustainability of the strong non-interest income momentum, particularly from wealth management and FX. She also inquired about HSBC's strategic view and initiatives regarding stablecoins and cryptocurrencies in light of new regulations.

    Answer

    Group CEO Georges Elhedery confirmed HSBC is expanding its tokenized deposit services for wholesale clients but has no appetite for non-pegged cryptocurrencies. He noted that while wealth management aims for medium-term double-digit growth, it can be volatile. Group CFO Pam Kaur added that underlying growth is supported by strong net new invested assets ($75 billion over 12 months) and a record insurance CSM balance, providing an annuity-like revenue stream.

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