18 December 2019

HSBC launches innovative wealth management solutions

HSBC Singapore has today 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 two years.


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 their investments.
  • HSBC Structured Product Online Platform: An online solution offered to accredited investors to invest in structured products offered by the bank. It is scheduled for launch in 1Q 2020.

Mr. Anurag Mathur, Head of Retail Banking & Wealth Management, HSBC Bank (Singapore) explained: "While we continue to get our basics right, we are also introducing new experiences for our customers, which all starts from getting the team to re-imagine banking and how customers manage their finances."

"Increasingly, our customers expect greater control in how and when they do banking. 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."

HSBC Singapore tech investment for retail clients doubled in past two years

In 1H 2019, HSBC made a global investment of US$2.2bn, up 17% compared with 1H 2018, to enhance its digital capabilities1. 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:

  • Refreshed internet banking platform
  • Mobile Banking App: New mobile banking app now supports biometrics login and virtual credit card.
  • Virtual Credit Card: Singapore was the first to introduce a virtual credit card in June 2019, which was subsequently launched in other HSBC markets.
  • HSBC Wealth Planner: Enables customers to map out their wealth goals and assess their financial health online.
  • Wealth Insights Hub: Provides customers with real-time access to financial insights and investment-related educational information.
  • HSBC QuickFX: Enables customers to actively manage and plan for their foreign currency and remittance needs. Learnings from the development of QuickFX was then used by other markets to build ExpatFX, which was launched in May 2019 for their expat customers outside of Singapore.
  • eSignature on Wealth Tablet: Singapore is the first in HSBC to launched eSignature on Wealth Tablet, where documents can be sent electronically to customers for their signatures to complete investment-related transactions.

Mr. Mathur concluded: "From an investment point of view, priority markets like Singapore benefit directly from the significant digital investment we make centrally. Singapore is often used as the pilot site for the development of digital solutions that will strengthen our foothold as the Asian wealth hub serving HSBC customers with international needs."