Clients with at least $1.2m in deposits also gain access to a luxury lifestyle concierge.
HSBC Bank (Singapore) has launched a new service called HSBC Jade that delivers banking-like investment advisory and concierge services to high net worth depositors.
HSBC Jade will deliver personalised investment solutions to depositors with at least $1.2m in cash and investments with the bank through the assistance of relationship manager as well as an investment and insurance specialist team.
“Jade will serve what we think is a sweet spot in the wealth space across South-east Asia and further afield: that is, people who have amassed significant wealth, but are still building up their knowledge in investment and wealth management,” said HSBC Singapore retail banking and wealth management head Anurag Mathur.
High net worth clients also gain exclusive access to a wide array of luxury lifestyle services through the appointment of concierge provider Ten Lifestyle Group which claims to get reservations at sought-after restaurants and tickets for sports, music and art events.
“Whether they use the concierge service through their desktop computer, mobile, tablet or phone, they will have 24/7 access to the best experiences that the world has to offer,” said Matthias Dekan, head of customer value management at HSBC Bank (Singapore).
The launch of HSBC Jade aims to capitalise on the growing wealth accumulated by the region’s HNWIs as personal wealth in Asia grew 19% over the past year, according to the 2018 Boston Consulting Group’s Global Wealth Report. The wealth of its ultra-wealthy population is expected to balloon from US$8t ($10.8t) in 2017 to US$18t ($24.53t) in 2022.
HSBC Jade also aims to lend to support to Singapore’s ambition to be the leading wealth and trade hub of the region. In March, HSBC Singapore announced its new country strategic plan which included expansion in people, product and technology capacity across its wholesale and retail banking and wealth management businesses.
Alongside Switzerland and Hong Kong, the Lion City is part of the top three offshore booking centre globally servicing $US9b (1$2.26b) of personal wealth. Wealth inflows from China, Indonesia and Malaysia are the top three countries where Singapore renders service.
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