HSBC and Tradeshift announced appointed Vinay Mendonca as chief executive officer of its joint venture. The business, which has not been named yet, is 75% owned by HSBC, while Tradeshift owns the rest. After becoming functional next year, the firm is to develop and commercialise technology that will be used by HSBC to embed its transaction banking solutions into Tradeshift and other fast-growing e-commerce and marketplace venues.

Mendonca has been with HSBC since 2006.