The global lender has unveiled a new platform for private banking clients offering UHNW Asian clients convenient trading access to 10 global markets and the facility to trade up to $10 million daily.
HSBC Private Banking has launched Online Trading, a private banking platform designed specifically to connect high net worth and ultra-high net worth clients with the latest market activity. The platform offers trading access in 10 financial markets, including Hong Kong, mainland China, Singapore, Japan, the Philippines, Australia, the UK, the US, Germany and France.
It is part of divisional plans to invest heavily over the next two years in private banking services.
The offering will give customers direct access to cash equities and exchange traded funds (ETFs) from their mobile phones and the ability to track and analyse investments in real-time. Clients can buy and sell securities in major markets during trading hours and trade up to $10 million daily, capped at $2 million per transaction, and the service is available to all private banking clients booking assets in Asia.
There are plans to expand the range of products from cash equities and ETFs to more complex trades, such as listed warrants and callable bull bear contracts (CBBC), FX spot and forwards, structured notes, non-complex funds, dual currency instruments, and fixed income by 2022, it said.
The global lender has made ambitous commitments to increase its Asian market business, where half of its wealth balance of $1.6 trillion resides. In February, it set out plans to invest around $3.5 billion over the next five years to accelerate the growth of its wealth and personal banking businesses 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 been on a similar ramp up, incubating new digital apps and services through its active venture arm.
“Technology is redefining wealth management, giving greater access, flexibility and control over the management of investments globally,” Siew Meng Tan, regional head of HSBC private banking for Asia-Pacific, said. The new platform enables “clients to invest directly in key equity markets globally from their mobile phones,” she said. The division expects to spend $100 million on digital over the next two years to provide clients “with a significantly improved experience,” Tan said.
Among recent announcements, HSBC appointed David Liao and Surendra Rosha as co-chief executives for its Asia-Pacific business with immediate effect, taking over from Peter Wong. HSBC Bank (Singapore) named Wong Kee Joo as executive director after he was made chief executive of HSBC Singapore at the start of June. Meanwhile, Winston Ngan, who has retired as a partner at Ernst & Young Singapore, was appointed by HSBC Bank (Singapore) as an independent non-executive director. He is also chairman of the audit committee.