HSBC highlights importance of  financial literacy in the esports economy

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During a panel discussion at last week’s ESI London 2023 conference, representatives from HSBC UK were joined on stage by EXCEL ESPORTS to raise awareness on the importance of financial stability when it comes to the esports sector. 

This has been a core focus for both companies since their collaboration began back in March 2023 – increasing the financial literacy of esports players and talent. 

To explore this in more detail, Co-Head of HSBC Kinetic Kartik Arya, and HSBC UK’s Head of Strategic Growth William Turner spoke with EXCEL’s Commercial Director Mark Carter in front of a live audience as they outlined the benefits of their partnership for an ‘emerging ecosystem’ such as esports. 

Touching on Kinetic’s role in the deal, which is HSBC’s banking app for small businesses, Arya explained how it helps esports businesses remain relevant in an ever-growing space. 

He commented: “The key factor is the fact that we are not only looking to provide organisations with a banking product but also more functionalities which help them run their business.

“Unlike many banking products on the market where there is an application form, with us, you can onboard within 15 minutes completely digital. 

“We’ve also gone beyond that. We’ve provided customers with insights, access to accounting software, and partnerships where we look to provide benefits that help companies with the bottom lines.”

With developments in esports being mainly driven by technological advancements, Arya added that tech also plays a big role in how financial literacy is introduced into the sector.

“We work the entire platform on Google Cloud. We’ve built an app which is always on so I think yes, there are applications of new tech coming into the picture as well. We’re now looking at AI as well and waiting to see how this will add value to the customer experience.”

The wait for what comes next has started, with William Turner adding that many businesses are currently trying to innovate in their own way and change the broader landscape of esports – in part by bringing financial health under the spotlight like EXCEL.