Jade is HSBC’s affluent proposition for individuals who have at least SGD1.2 million in cash and/or investments with the bank. Geared especially for customers with international needs, Jade provides personalised investment solutions and advice, and global concierge services.
Internationally oriented customers are an increasingly important segment for HSBC Singapore and, together with its Premier International1 segment, form half of HSBC’s affluent customer base. The segment includes individuals based in Singapore, many of whom have global business or family connections abroad, as well as international customers who are banking in Singapore.
Mr Anurag Mathur, Head of Retail Banking and Wealth Management, HSBC Bank (Singapore), said: “While they may be based here, many of our customers have studied or worked overseas, and have regional business interests. They tend to look beyond Singapore for investment opportunities and lifestyle experiences. Helping our customers meet new aspirations as their lives and businesses become more international is key to our growth in Singapore and plays to our strengths as a leading international bank.”
“We are excited to welcome customers at the new Jade Centre at Jewel, which gives them easy access to our wealth experts as they consider their financial and lifestyle needs. We expect the new Jade Centre will be well-received given its strategic location within Jewel at the Changi Airport, which is fast emerging as the lifestyle hub for Singaporeans living in the East and international travelers.”
Since its launch in December 2016, with an original group of invite-only Premier banking customers in Singapore, HSBC Singapore’s Jade customer base has more than doubled by end of 2018. Jade has also seen the Singapore-based customer usage of its global concierge service outpacing other markets by almost 15%. Likewise, its Premier International segment has seen strong growth in 2018, largely on the back of new hires and stronger collaboration with HSBC branches overseas.
Mr Mathur added: “Over the past few years, we have been refining our propositions, building our teams and expanding our product suites to better anticipate the needs of internationally oriented Singaporeans and other global citizens. The launch of our Jade Centre in Jewel is the latest example of this renewed focus. Our positive growth in both the Premier International and Jade segments shows we are on the right track.”
HSBC’s focus on the international wealth segment reflects growing trends across the region. According to Boston Consulting Group’s 2018 Global Wealth Report, the number of affluent individuals2 in Asia is expected to swell from 8 million in 2017 to almost 18 million by 2022. Singapore is also a top-three offshore booking centre globally3, managing USD1.1 trillion of personal wealth4.
Singapore sits at the centre of the HSBC Group’s growth agenda, with ambitions to build a business at scale here as well as to increase market share in the high net worth segment and boost its wealth business in Asia.
Jade complements other recent HSBC international product launches
Jade is one of HSBC’s recently launched internationally focused products and propositions. In particular, HSBC has introduced: