Young HSBC hotshot leaves for $4.7bn fintech firm

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Young HSBC hotshot leaves for $4.7bn fintech firm

HSBC’s Hong Kong-based chief product officer for its flagship PayMe app, Deep Bedi, has joined Square, the fintech firm founded by Twitter CEO Jack Dorsey, which made revenues of $4.7bn in 2019. Bedi has moved to San Francisco, where Square is headquartered, and is a product manager on Cash App, its mobile payment service, according to his LinkedIn profile.

Bedi will be missed at HSBC in Hong Kong. He joined as a senior digital product manager for PayMe in December 2016, shortly before its February 2017 launch, and during his tenure the app experienced rapid growth and became synonymous with the success of Hong Kong’s digital payments sector.

PayMe, which enables users to transfer money between any Hong Kong banks, hit 1m users just 17 months after its launch and is now Hong Kong’s largest e-wallet operator.

Forbes included Bedi in its 2019 “30 Under 30” list of young people working in consumer technology in Asia. The publication describes him as the “intrapreneur” behind HSBC's “most successful digital product”. Bedi, with PayMe, “has changed the lives of millions in Hong Kong and is leading the way to transform the city into a digital economy”, says Forbes in its biography.

Bedi was promoted to chief product officer in January 2019 and HSBC’s merchant-focused platform, PayMe for Business, was launched about two months later. In May this year, PayMe’s user base reached 2m, a 25% year-on-year increase, fuelled by Covid-19 forcing consumers to make more purchases online.

Prior to HSBC, Bedi was a San Francisco-based entrepreneur. In 2011, he founded Third Throne Interactive, a digital agency specialising in mobile app development, and four years later he launched GRVTY, a multi-factor authentication software firm that he subsequently sold.

Image credit: Getty

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