HSBC Elevates Premier Offering to Meet Growing Wealth, Health, International and Lifestyle Needs of Mass Affluent Customers in Singapore

HSBC’s Wealth and Personal Banking (WPB) today announced the launch of an enhanced Premier offering in Singapore, designed to meet the evolving demands of affluent and internationally mobile customers.

The new proposition, launching in Singapore on 1 October, delivers comprehensive solutions in wealth management, health protection, international services and lifestyle privileges, strengthening HSBC’s position as the top choice for affluent and international customers worldwide.

The new Premier enhancements in Singapore coincide with its launch in Hong Kong, with plans to progressively launch in the UK from next month. The mass affluent segment, representing 11% of the global population and approximately 40% of global wealth¹, is strategically important to WPB on a global scale.

Through Premier, the bank has been serving these customers for decades, and has observed a steady growth over time. Premier customers already play an important role in building up HSBC’s Retail Invested Assets, which stood at USD 412 billion in June 2024. ²

Supporting affluent customers in a globally mobile world

The rise of global mobility among the mass-affluent is reshaping how people embrace international opportunities, particularly in managing their wealth and well-being across borders.

According to HSBC’s Quality of Life report 2024, affluent customers in Singapore are navigating the complexities of managing their finances internationally. In Singapore, 45% of parents with children studying abroad and 44% of expatriates highlight cross-border payments as a crucial financial service, reflecting the need for seamless solutions. Additionally, 26% of parents and 30% of expatriates emphasize the importance of 24/7 global banking support, underscoring the demand for round-the-clock financial services that cater to their international lifestyles.

Moreover, the same study shows that life satisfaction significantly increases with better financial planning, with 9 in 10 individuals who take a comprehensive approach to financial planning – covering protection, wealth accumulation, retirement, and legacy objectives – reported feeling satisfied with their lives, compared to only 6 in 10 of those with a narrower focus.³

New Premier features focus on Wealth, Health, Lifestyle & International

Recognising these trends and the need for a solid support system to navigate the complexities of moving, living, and investing overseas, HSBC’s elevated Premier proposition is tailored to these evolving customer needs:

• Health and Wellness: Amongst Singaporeans, physical wellness remains the top factor for a good quality of life, followed by financial wellness and mental wellness.³ In response to rising healthcare costs and growing demand for wellness solutions, Premier customers will now have access to health services like discounted virtual doctor consultations, complimentary insurance, health check-ups and mental health support through strategic medical alliances.⁴
• Travel and Lifestyle: Through the HSBC Premier Mastercard® Credit Card and partnerships with top-tier merchants, HSBC Premier offers unique travel, dining and entertainment privileges. Benefits include airport lounge access, limousine rides, concierge services, and bespoke dining and entertainment experiences and offers.⁵
• Wealth: The new Future Planner tool in the HSBC mobile banking app allows customers to set, track and customise financial aspirations – whether saving for retirement, funding their child’s education, or purchasing a home. Future Planner assesses needs and readiness based on the input of customers, providing actionable recommendations and access to a Relationship Manager for expert guidance.

With HSBC’s unique international network, the Premier offering has played a vital role in attracting and retaining customers who manage their financial lives across borders.

Taylan Turan, CEO, Retail Banking, said: “Mass affluent customers have incredible aspirations, from international careers and overseas education for their children, to new life experiences at home and abroad. We know that building a better life isn’t just down to one thing – it’s many complex components. HSBC has a unique ability to meet their diverse needs through our global expertise and international reach.

Refreshing our Premier offering enables us to support a new generation of customers with their life goals and deepen our existing relationships. We know a good quality of life matters to everyone – not just financial but mental and physical health too³, so we’re committed to helping our customers navigate life well, wherever their ambitions take them.”

Ashmita Acharya, Head of Wealth and Personal Banking, Singapore, added: “As Singapore continues to grow as a global financial hub, staying relevant to the evolving needs of our clients is essential. The refreshed Premier offering is our commitment to providing customers who bank in Singapore with tailored solutions that match their sophisticated demands. By combining local expertise with global connectivity, we are empowering our clients to manage their wealth and navigate a rapidly changing financial landscape.”

MEDIA ENQUIRIES:

Carina Koh carina.koh@hsbc.com.sg

Clarabelle Tan clarabelle.h.y.tan@hsbc.com.sg