HSBC has supported sustainable finance through  various bond launches in Hong Kong, Ireland and Mexico. In June 2018, the bank on its part decided to ease transition to a low-carbon economy. 

It is reported that HSBC will accept the green loan applications from businesses holding Singapore Green Labelling Scheme (SGLS) and eco-certification schemes, Green & Gracious Award and Green Mark Scheme, product and services certification schemes and Renewable Energy Certification. 

Environmental, social and governance (ESG) is slowly becoming an integral part of mainstream banking. Even DBS bank has completed a total of S$4.3 billion in sustainable financing deals in sustainability-linked loans (SLLs) and green loans, media reports said. 

Last year, HSBC Singapore  completed a S$248 million three-year green loan to SoilBuild, a leading property group in Singapore, for redevelopment of Solaris @ Tai Seng. 

In recent years, green loans have gained momentum across global banks. It was specifically created to fund projects with environmental and climate benefits. In fact, green loans have been growing popular in Singapore. 

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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. 

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“It’s fair to say that our entire business in Singapore underperformed, and we haven’t hidden from that fact,” Kevin Martin, Asia Pacific head of retail banking and wealth management told Reuters.

“As we build Asia wealth… there is a really significant opportunity in Singapore, not just onshore Singapore, but offshore Singapore.”

HSBC generates more than 80 percent of its profits from Asia. Martin said that the bank plans to increase its Singapore’s wealth staff by 50. But it has not disclosed the headcount of its Singapore’s wealth management division. The division’s presence is smaller compared to China and Hong Kong.

Last year, HSBC’s Chief Executive John Flint said that the main agenda is to grow its wealth management business in Greater China and Southeast Asia. This is mainly to speed up revenue growth in Asia. It is considering both onshore and offshore clients, which a rich clientele based in China, India, and other Southeast Asian countries.

The bank’s wealthier clients mostly focus on its private banking services. That said, its retail banking and wealth management division includes clients with investable assets less than $5 million.

In Q1 2019, HSBC’s life insurance as part of the wealth management division achieved a 66 percent growth in revenue to $793 million.

Martin said that they have boosted distribution, offered all products and extended digital capabilities to promote the brand’s growth.

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