HSBC Private Banking today announced the launch of its Online Trading platform for private banking clients in Asia1. The new feature in HSBC Private Banking's investment service is designed specifically to connect high net worth and ultra-high net worth clients with the latest market opportunities and offers trading access to 10 key financial markets including Hong Kong, mainland China, Singapore, Japan, the Philippines, Australia, the UK, the US, Germany and France.
The new online trading platform gives customers direct access to cash equities and Exchange Traded Funds (ETFs) from their mobile phones, at the touch of a button. It provides the ability to track and analyse investments in real-time and review trade portfolios at their convenience, while offering up-to-date quotes and price charts to help clients make informed investment decisions.
Clients can buy and sell securities in the 10 major financial markets during exchange trading hours and trade up to USD10 million daily, at up to USD2 million per transaction. A dedicated support team will provide an industry-leading 20 hours a day coverage, across each market's opening hours.
Siew Meng Tan, Regional Head of HSBC Private Banking, Asia-Pacific, said: "Technology is redefining wealth management, giving greater access, flexibility and control over the management of investments globally. As an award winning private bank for digital customer experience2, we are excited to unveil our new Online Trading platform enabling our clients to invest directly in key equity markets globally from their mobile phones. We expect to invest over USD100 million in the next two years to build and innovate our core banking and digital platforms to meet the fast-changing wealth and lifestyle needs of our clients."
HSBC Private Banking aims to expand the range of products available on the online trading platform 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 (ELN & FCN), non-complex Funds, Dual Currency Instruments, and Fixed Income by 2022.
Investment into the Wealth Management
In February 2021, HSBC announced its plans to invest over USD3.5 billion in the next five years to accelerate the growth of its Wealth and Personal Banking (WPB) business in Asia and drive its ambition to become the leading wealth bank in the region. With total wealth balances of USD1.6 trillion, half from Asia, HSBC is uniquely placed as an international wealth manager to meet the investment needs of a full spectrum of clients –from first time saver to ultra-high net worth families.
"Key to the Group's wealth growth in Asia, HSBC Private Banking has been investing considerably in our product, distribution and digital capabilities in the last two years to deliver an enhanced suite of digital products using best-of-breed technology, providing our clients with a significantly improved experience", Tan added.
Over the last two years, HSBC Private Banking launched its new internet banking application, integrated and direct client communication to allow more seamless client engagement and a world-class investment knowledge and research platform, with personalised alerts and notification as well as instant messenger in development to keep clients abreast of key events specific to their portfolios.
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