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HSBC launches wealth-tech solutions in Singapore

The bank announces a suite of digital solutions in Singapore related to wealth management.

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HSBC Singapore has announced a suite of new digital solutions to better support its retail banking proposition. The investments are part of a doubling in the spend and roll out of digital solutions for its retail banking and wealth management business over the past twoyears.

The new solutions being announced and scheduled for roll out include:

  • HSBC Wealth Portfolio Plus: Launched in December 2019, this new intuitive application is inbuilt with end-to-end financial planning and tracking capabilities. It also has risk and scenario analysis functions, which leverages technology provided by BlackRock’s Aladdin Wealth platform, and HSBC is the first to offer such institutional analytical capabilities to retail investors in Singapore. Customers can now track the progress of their financial goals and use the various analytic tools to make informed decisions on theirinvestments.
  • HSBC Structured Product Online Platform: An online solution offered to accredited investors toinvest in structured products offered by the bank. It is scheduled for launch in 1Q2020.

“Increasingly, our customers expect greater control in how and when they do banking,” said Anurag Mathur, head of retail banking and wealth management for the Singapore business. “Given their work and lifestyle choices are no longer confined to one single market or region, our customers expect banking tools and wealth solutions that match their personal circumstances.”

In the first half of 2019, HSBC made a global investment of $2.2 billion, up 17% compared with 1H 2018, to enhance its digital capabilities. As one of eight “scale” markets for HSBC globally, Singapore has received a considerable proportion of this investment over the past two years.

This includes:

  • Mobile banking app, now supporting biometrics login and virtual credit card;
  • Refreshed internet platform;
  • Virtual credit card (subsequently launched in other markets after Singapore);
  • HSBC Wealth Planner: Map out wealth goals, assess financial health online;
  • Wealth Insights Hub: Real-time access to financial insights and investment-related educational information;
  • HSBC QuickFX: Actively manage and plan for foreign currency and remittance needs;
  • eSignature on Wealth Tablet: Singapore is the first in HSBC to allow documents to be sent electronically to customers for their signatures to complete investment-related transactions.

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HSBC launches wealth-tech solutions in Singapore