HSBC Singapore has developed a new banking platform to target high net worth individuals seeking personalised investment services. HSBC Singapore’s new offering is called Jade, which will offer advisory services to Singapore’s wealthy, a media reports said.
The Jade offering targets Singapore’s wealthy with at least $1.2 million in cash or investments in the bank. Also, the offering will help with investment solutions and global concierge services.
Alice Fok, head of Customer Propositions and Marketing, HSBC Bank Singapore, told the media that, “The acceleration of business activities towards Singapore over the past few years is resulting in a mushrooming of ‘salaried millionaires’ who are supporting this commercial activity. This is a stark contrast to other markets where wealth is inherited. This evolving Singaporean strata is not just focused on becoming wealthier but in experiencing life.”
Jade is also launching Jade Platform to boost the bank’s international connectivity and network to customers in Mainland China and Singapore. According to Fok, Jade Passport was developed to provide seamless access to the bank’s services for Asian clients.
In addition, the bank launched the Enrich List for Jade clients through its global concierge facility, the local media reported. Based on HSBC study, Singapore has the highest proportion of high net worth individuals. This accounts for 40 percent of HNWIs who are salaried millionaires, compared to 26 percent globally. The HSBC study was conducted on 1,000 HNWIs in eight countries and territories, including 100 in Singapore. The study defined high net worth individuals with assets of $2 million.