HSBC Private Bank launches UHNW trading platform
The global lender has unveiled a new platform for private banking clients providing Asian UHNW clients with convenient access to 10 global markets and the ability to trade up to $ 10 million per day.
HSBC Private Banking has launched Online Trading, a private banking platform designed specifically to connect high net worth and high net worth clients to the latest market activities. The platform offers access to trading in 10 financial markets, including Hong Kong, Mainland China, Singapore, Japan, Philippines, Australia, UK, US, Germany and France.
It is part of the division’s plans to invest heavily over the next two years in private banking services.
The offering will give clients direct access to cash equities and exchange-traded funds (ETFs) from their mobile phones and the ability to track and analyze investments in real time. Clients can buy and sell securities in major markets during trading hours and trade up to $ 10 million per day, capped at $ 2 million per trade, and the service is available to all private banking clients who reserve assets in Asia.
There are plans to expand the product line of cash equities and ETFs to more complex transactions, such as listed warrants and bullish redeemable contracts (CBBC), spot and forward currencies, structured notes. , non-complex funds, dual currency instruments and fixed income by 2022, he said.
The global lender has made ambitious commitments to increase its business in the Asian market, where half of its $ 1.6 trillion wealth balance resides. In February, it announced plans to invest around $ 3.5 billion over the next five years to accelerate the growth of its wealth management and personal banking business in the region.
The market is heating up among competing private banks in Asia, where enhanced digital services are seen as a crucial draw. StanChart has seen a similar surge, incubating new digital applications and services through its active venture capital arm.
“Technology is redefining wealth management, providing greater access, flexibility and control over the management of investments globally,” said Siew Meng Tan, HSBC Private Banking Regional Manager for Asia Pacific . The new platform allows “clients to invest directly in the world’s major stock markets from their mobile phones,” she said. The division plans to spend $ 100 million in digital over the next two years to provide customers “a vastly improved experience,” Tan said.
Among recent announcements, HSBC has appointed David Liao and Surendra Rosha as co-managing directors for its Asia-Pacific operations effective immediately, succeeding Peter Wong. HSBC Bank (Singapore) has appointed Wong Kee Joo as Executive Director after being appointed Managing Director of HSBC Singapore in early June. Meanwhile, Winston Ngan, who retired as a partner at Ernst & Young Singapore, has been appointed by HSBC Bank (Singapore) as an independent non-executive director. He is also chairman of the audit committee.