HSBC Singapore to Open 3 New HSBC Wealth Centres by 2025 Q1 with the 3 Centres in Singapore Central Business District, East & West Region, Serving All Clients in Mass, Affluent, HNW & UHNW via HSBC Retail Banking, Private Banking, Life Insurance & Asset Management
5th June 2024 | Hong Kong
HSBC Singapore has announced to open 3 new HSBC Wealth Centres by 2025 Q1, with the 3 centres to be located in Singapore Central Business District (CBD),and in East region & West region. HSBC serves all clients in mass, affluent, HNW & UHNW (high net worth, ultra high net worth) via HSBC Retail Banking, Private Banking, Life Insurance & Asset Management. HSBC (4/6/24): “HSBC announced its plans today to open three wealth centres in Singapore by Q1 2025, increasing its investment fivefold in its physical network as it pivots its branches into wealth centres to facilitate comprehensive wealth conversations with clients. The three centres will be in the Central Business District as well as the east and west region of Singapore. Part of a broader strategy to build the Bank’s international and wealth propositions, HSBC has doubled its technology investments in Singapore over the last five years, uplifting capabilities and delivering improved customer experiences. Serving clients across the full wealth continuum – mass, affluent, high net worth and ultra-high net worth, HSBC’s Wealth and Personal Banking business includes Retail Banking, Global Private Banking, HSBC Life and Global Asset Management. The significant investments underline HSBC’s growth ambitions to be the leading wealth manager in Asia and reflects the Bank’s long-term commitment to Singapore and its position as an international wealth hub.” In March 2023, HSBC Singapore launched instant account opening service (within minutes) for international customers, providing customers with access to bank accounts before relocating to Singapore. HSBC had also conducted a survey (By Ipsos with 7,177 interviewees in Dec 2022 to Jan 2023), with the research highlighting top concerns of International Citizens including struggling to setup bank accounts and managing personal finance when relocating.
“ HSBC Singapore to Open 3 New Wealth Centres by 2025 Q1 with the 3 Centres in Singapore Central Business District, East & West Region, Serving All Clients in Mass, Affluent, HNW & UHNW via HSBC Retail Banking, Private Banking, Life Insurance & Asset Management “
Wong Kee Joo, CEO of HSBC Singapore: “Since HSBC established its presence here in 1877, our purpose has always been to connect our customers to opportunities. Our substantial investments have set the stage for future growth, enabling us to better support the needs of our clients. As Singapore grows as an international financial centre and international wealth hub, HSBC is uniquely placed to meet the wealth and international banking needs of our clients through the scale and breadth of our network and capabilities.”
Ashmita Acharya, Head of Wealth and Personal Banking at HSBC Singapore: “We want to be the wealth manager of choice for affluent Singaporeans and international professionals. We’ve been focused on elevating the customer experience across our channels and building a differentiated proposition that supports our client’s wealth, health and international banking needs – from growing and protecting their wealth, to planning for their family, their children’s international education, and the next generation.”
Scaling up to capture growth of wealth assets globally – HSBC’s international proposition has been an area of growth for the Bank. With presence in over 60 markets globally, HSBC’s international customers accounted for 40% of the Wealth and Personal Banking revenue at the Group level in 2023. In Singapore, HSBC saw a 76% year-on-year increase in new-to-bank international customers in 2023 compared with 2022, supported by the launch of new digital onboarding journeys for accounts and investments and an expanded range of wealth solutions. The Bank also saw double digit growth in client numbers in Singapore for its mass affluent and high net worth segment from 2019 to 2022, and this rate of growth continued in 2023. To sustain this growth momentum, HSBC plans to increase client-facing roles by more than a third by 2028.
HSBC Organic initiatives, selective acquisitions and partnerships to bolster wealth proposition – The bank continues to bolster its proposition through a combination of organic initiatives and selective acquisitions and partnerships:
- In February 2023, the legal integration of AXA Singapore and HSBC Insurance (Singapore) was completed, positioning HSBC to grow its insurance business in Singapore and expand its customer reach in wealth and health. HSBC Life Singapore recently launched HSBC Life Diamond Prestige IUL, an indexed universal life plan, designed to meet the needs of the affluent segment, offering both life insurance protection and investment.
- In April 2023, HSBC entered into a 15-year exclusive distribution agreement with MSIG Insurance to provide a comprehensive range of general insurance propositions covering retail and commercial lines to HSBC’s retail and corporate banking clients in Singapore.
- In January 2024, HSBC Asset Management acquired Singapore’s SilkRoad Property Partners Group to expand its Asia Pacific real estate investment capabilities under its HSBC Alternatives business, adding staff in Singapore, Hong Kong, Shanghai and Japan offices. The acquisition of SilkRoad adds unique expertise – Asia physical commercial real estate -that augments incremental dimensions to the Bank’s overall investment capabilities.
- Global Private Banking enhanced its ultra HNW services to enable institutional Family Offices to have better market access and execution capabilities to meet their wealth transfer, legacy planning and more complex investment needs.
HSBC Singapore
HSBC opened its first branch in Singapore in 1877. A qualifying full bank serving international needs of individual, corporate and institutional clients, HSBC in 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. HSBC was recognised by Asiamoney as “Best International Bank in Singapore” in 2022 and 2023.
The Hongkong and Shanghai Banking Corporation Limited
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories. With assets of $3,001bn at 31 March 2024, HSBC is one of the world’s largest banking and financial services organisations.
HSBC Singapore Launches Instant Account Opening for International Customers Providing Access to Bank Accounts Before Relocating to Singapore, Top Concerns of International Citizens Include Struggling to Setup Bank Accounts & Managing Personal Finance
2nd March 2023 – HSBC Singapore has launched instant account opening service (within minutes) for international customers, providing customers with access to bank accounts before relocating to Singapore. HSBC had also conducted a survey (By Ipsos with 7,177 interviewees in Dec 2022 to Jan 2023), with the research highlighting top concerns of International Citizens including struggling to setup bank accounts and managing personal finance when relocating. HSBC Singapore Instant Account Opening: “Powered by EasyID, a global service that performs real-time digital identity verification and authentication, new-to-bank international customers from over 30 countries and markets can securely and easily open a bank account with HSBC Singapore without the need for branch visits. In addition, since January this year, International customers that have just arrived and have yet to set up a SingPass account in Singapore can apply for and receive access to a HSBC bank account within minutes via their mobile.” Over the last 2 years, HSBC had also launched Digital Wealth Solutions (Investment accounts with access to unit trusts & equities), 24/7 HSBC Global Money Transfers (GMT), and International Credit History (HSBC can retrieve customers’ overseas credit bureau report).
” HSBC Singapore Launches Instant Account Opening for International Customers Providing Access to Bank Accounts Before Relocating to Singapore, Top Concerns of International Citizens Include Struggling to Setup Bank Accounts & Managing Personal Finance “
Ashmita Acharya, HSBC Singapore Head of Wealth & Personal Banking: “We are increasingly seeing work, investment, education and lifestyle decisions expand beyond borders, and there is need for banking solutions that respond actively to the needs of digital nomads. The market opportunities are tremendous given Singapore is often the destination of choice for global businesses to set up their regional HQs as well as regional and global investors to manage their wealth.
Today’s international citizens often struggle with financial uncertainties of relocating and travelling, and we have made it our goal to help customers turn these transitions into opportunities. To be set up for success, people need to be able to open a bank account before they move overseas and see their bank accounts in one global view. Our new digital onboarding capabilities make setting up an account effortless for international and digitally-savvy customers, and we are excited to add this to our existing suite of solutions that reduces financial frictions that our international customers face when they arrive in a new country.”
Alice Fok, HSBC Singapore Head of Customer, International & Marketing: “As a key wealth hub in the region, we continue to stay attuned to the changing needs and behaviour of our international customers in Singapore and beyond. Most importantly, we remain focus in delivering propositions and services that place them at the centre, as we achieve our growth ambition.”
HSBC New Solutions – Digital Wealth Solutions, Global Money Transfers, International Credit History
Over the last 2 years, HSBC had also launched Digital Wealth Solutions (Investment accounts with access to unit trusts & equities), 24/7 HSBC Global Money Transfers (GMT), and International Credit History (HSBC can retrieve customers’ overseas credit bureau report).
1) Digital Wealth Solutions: HSBC customers can open investment accounts for various asset classes including unit trusts and equities; execute equity trades in key markets such as Hong Kong and the US; get a consolidated view of their investments via Wealth Dashboard; perform risk analysis on their Unit Trust investment portfolio via Wealth Portfolio Intelligence Service; and gain investment insights, by using their mobile.
2) HSBC Global Money Transfers (GMT): Supports HSBC customers’ foreign currencies, overseas remittance and payments needs – be it to remit funds to family and friends, and pay bills or tuition fees across the world. This feature enables customers to seamlessly hold, manage and send money to over 200 countries and territories, 24/7, via the HSBC Singapore App. Since its launch in August 2021, total cross-border payments via GMT has grown exponentially by almost 3-fold by end of 2022.
3) International Credit History: Integrated with the credit application journey, HSBC can retrieve customers’ overseas credit bureau report to access their past credit performance with permission and assign an equitable credit limit to facilitate quicker access to credit for new-to-country customers moving to Singapore. The feature was introduced in partnership with U.S.-based company, Nova Credit, to deliver Singapore’s first frictionless, online access to international customers’ overseas credit history. First available in May 2022 to India-based customers, HSBC Singapore has since added connections with Philippines, Australia and UK bureaus early this year.
HSBC Study – Concerns & Motivations of International Citizens
HSBC recently commissioned a study among International Citizens in Singapore and eight other global locations, to understand how their financial lives are evolving, their motivations for moving and investing abroad, and issues they face as they settle into their new home. The study comes as HSBC globally relaunches its international products and services – to better support customers across borders, whether they’re investing overseas, moving for work, study or to live in a new location.
The bank estimates there are over 90 million international customers across just 10 of its key international markets – people already living, working and studying abroad. The research lays their financial challenges bare – the pressures of relocating and the practical impact it can have on their lives.
The study found that almost half of respondents who have relocated to Singapore (47% vs. 53% globally) felt unsettled when they first arrived, because they struggled to set-up important things like a bank account. Finding financial services that can suit their needs was also a key concern amongst those planning a big move to Singapore (68% vs. 62% globally), and for digital nomads4 in Singapore (75% vs. 67% globally).
The study also revealed the following key concerns and motivations of those who have moved or plan to move to Singapore:
- As inflationary pressures and the rising cost of living affects consumers in some countries and territories, more than a quarter of respondents that plan to move or had moved to Singapore (28% vs. 25% globally) are motivated to do so to earn more money; and over a fifth (22%), across both Singapore and globally, are motivated to move to make their money go further.
- One in two (51%) respondents who are planning to live, work, or study abroad in Singapore and globally across the nine markets in our survey agreed that nobody has helped them feel financially prepared to relocate.
- Almost half of respondents (44% vs. 45% globally) who plan to relocate to Singapore agree they have no idea how they will manage their finances between locations when they move. This is an even more prevalent concern among international students in or moving to Singapore (58%) and globally (50%).
- Half of those who have relocated to Singapore (51% vs. 56% globally across the nine markets), agree that being unable to transfer their credit history led to struggles setting-up essentials, such as a mobile phone contract or credit card. Almost three in five International Citizens surveyed (57% vs. 50% globally) who are planning to move to Singapore also agree that not being able to transfer their credit history is a concern for them.
- Around three in five of the future relocators who are moving to Singapore (62% vs. 59% globally) are concerned about the implications of paying taxes in a new country.
These findings further validate HSBC’s focus in delivering mobile-first digital banking and wealth solutions in Singapore. HSBC has introduced over 70 transactional banking, wealth management and customer servicing features on its mobile app since 2020. These new launches and enhancements are part of HSBC’s continuous effort to carve a distinctive integrated offering and new digital capabilities that support the needs of customers anywhere in the world at every stage of their wealth journey.
About HSBC Singapore
HSBC Group’s history in Singapore dates back to 1877 when its founding member, The Hongkong and Shanghai Banking Corporation Limited, opened its first branch on the island. A qualifying full bank, HSBC in 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. One of the earliest banks to establish in Singapore, HSBC today is a prominent player in Singapore’s financial services sector serving the banking needs of multi-national corporations, home-grown businesses, private banking clients, institutional and retail customers. In May 2016, HSBC locally incorporated its retail banking and wealth management business in Singapore and established, HSBC Bank (Singapore) Limited. HSBC Singapore has a retail network of six dedicated HSBC Premier Centres including an International Wealth Hub as well as many locations across the island providing self-service terminals. HSBC was recognised as the ‘Best International Bank – Singapore’ at the Asiamoney Best Bank Awards 2022.
About HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,967 billion at 31 December 2022, HSBC is one of the world’s largest banking and financial services organisations.
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