As published on ibsintelligence.com, Wednesday January 1, 2020.
HSBC Singapore, the affiliate company of London-headquartered HSBC holdings, announced new digital solutions which will further support its retail banking proposition. End-to-end financial planning solutions – HSBC Wealth Portfolio Plus; and online solution offered for accredited investors – HSBC Structured Product Online Platform, have been revealed. The tech investments for HSBC Singapore’s retail banking and wealth management business have doubled over the past two years, the company stated.
“While we continue to get our basics right, we are also introducing new experiences for our customers, which all starts from getting the team to re-imagine banking and how customers manage their finances,” said Anurag Mathur, Head of Retail Banking & Wealth Management, HSBC Bank (Singapore). “Increasingly, our customers expect greater control in how and when they do banking. Given their work and lifestyle choices are no longer confined to one single market or region, our customers expect banking tools and wealth solutions that match their personal circumstances.”
He further elucidated, “From an investment point of view, priority markets like Singapore benefit directly from the significant digital investment we make centrally. Singapore is often used as the pilot site for the development of digital solutions that will strengthen our foothold as the Asian wealth hub serving HSBC customers with international needs.”
Earlier in December, Chinese FinTech company Ant Financial Services and U.S. investment management company Vanguard announced their partnership for the provision of investment advisory services to retail consumers in China. The joint venture will amalgamate Hangzhou-based Ant Financial Services’ online payment platform Alipay and Valley Forge-headquartered Vanguard’s expertise to provide customized services to investors.
HSBC Singapore offers a comprehensive range of banking and financial services including retail banking and wealth management; commercial, investment and private banking; insurance; forfaiting and trustee services; securities and capital markets services.