HSBC Bank (Singapore) has launched HSBC Jade, aimed at supporting and servicing individuals looking for high net worth banking solutions in Singapore. A global proposition for HSBC's retail banking and wealth management business, HSBC Jade will deliver personalized investment solutions and advisory services, as well as an unparalleled global concierge service to individuals who deposit at least SGD1.2 million (around US$877,800) in cash and/or investments with HSBC.
HSBC Singapore's launch of Jade reflects the role the Republic will play in addressing the banking and wealth advisory needs of a rising number of wealthy Asian diaspora, including Singaporeans but also individuals from other markets who have banking needs in Singapore.
According to the 2018 Boston Consulting Group's Global Wealth Report, Asia saw a 19% increase in personal wealth over the past year. Similarly, the wealth pool for "affluent individuals" in Asia is expected to swell from US$8 trillion in 2017 to US$18 trillion by 2022. And based on the latest Capgemini's World Wealth Report, Singapore continues to see a positive year-on-year increase in its own high net worth individuals' population (11.5%) and wealth (12.8%) in 2017. Singapore is also a top-three offshore booking centre globally (along with Switzerland and Hong Kong) servicing US$9 billion of personal wealth. Within that, China, Indonesia and Malaysia are the top three sources of wealth inflows to Singapore.
Anurag Mathur, HSBC Singapore's head of retail banking and wealth management said: "With HSBC Jade we are bringing features traditionally associated with private banks, including concierge and world-class wealth management services, to a wider range of customers. When combining this with the convenience of our everyday banking and global reach, it's a powerful proposition."
"Jade will serve what we think is a sweet spot in the wealth space across Southeast Asia and further afield: that is, people who have amassed significant wealth, but are still building up their knowledge in investment and wealth management. It will also be a good spring board to our private banking platform once they are ready for more complex wealth solutions," he added.
The launch of Jade aligns with HSBC's focus on further building its wealth business across Asia and specifically in Singapore. As it enters a new growth phase, HSBC aims to play a critical role in supporting Singapore's ambition to be the leading wealth and trade hub of the region. In March 2018, HSBC Singapore announced a new country strategic plan which included building its people, product and technology capacity across its wholesale and retail banking and wealth management businesses.
HSBC globally announced plans at its investor update in June 2018 to accelerate growth through the build-out of its wealth, insurance and asset management businesses in Asia, as well as its presence in ASEAN. Mathur continued: "HSBC has ambitions to make Singapore a "scale market" for its consumer retail business, and HSBC Jade is another step in the path to better capture these regional wealth flows."
The launch of HSBC Jade within Singapore coincides with the global appointment of concierge provider, Ten Lifestyle Group. Its almost 600 lifestyle managers worldwide work around the clock in 26 languages, offering global support and service. Matthias Dekan, head of customer value management, HSBC Bank (Singapore) said: "We know that our clients want the exclusivity that money cannot buy, combined with the convenience of accessing concierge services on the move. They can get their travel, tickets and dining and experiences organized better, faster and personalised to their needs." Ten Lifestyle Group deals directly with airlines and ticketing providers, so it can pass on the best available prices.
