HSBC Singapore today launched a new coverage division to support the mid-sized Non-Bank Financial Institutions (NBFI) sector. The new division will provide banking capabilities to the expanding ecosystem underpinning Singapore’s growing status as a wealth and investment hub, including funds, the insurance industry and payment providers.
Concurrently, the Bank announced the appointment of Amanda Jooma as Head of NBFI Coverage, Singapore. Ms. Jooma joined HSBC UK in 2017, latterly leading the UK’s NBFI team. She brings over 11 years of experience as a coverage banker across the whole financial institutions sector, covering Banks, Funds, Alternative Finance companies, Broker-Dealers and Asset Managers during her career.
With a rapidly growing Ultra High Net Worth and Family Office segment, the Republic is now a top-three offshore wealth booking centre globally, managing USD1.1 trillion personal wealth1.
Simultaneously, Singapore is becoming a Global-Asia Pacific fund gateway for institutional wealth:
“Despite all economic factors, Singapore’s allure as a wealth and investment hub has not waned and as it continues to grow, so will the ecosystem surrounding it. Leveraging Amanda’s proven experience combined with HSBC’s global network and holistic product offering, we are well placed to support the complex and often varying needs of NBFIs.”
HSBC has progressively invested in its wholesale banking capabilities in Singapore to capture growth opportunities arising in Southeast Asia, and in its Wealth and Private Banking division which aim to double overall combined retail and private banking total wealth over five years6.
1Range combining estimates by BCG, Bain and Cap Gemini
HSBC Group’s history in Singapore dates back to 1877 when its founding member, The Hongkong and Shanghai Banking Corporation Limited, opened its first branch on the island. A qualifying full bank, HSBC in Singapore offers a comprehensive range of banking and financial services including retail banking and wealth management; commercial, investment and private banking; insurance; forfaiting and trustee services; securities and capital markets services. One of the earliest banks to establish in Singapore, HSBC today is a prominent player in Singapore's financial services sector serving the banking needs of multi-national corporations, home-grown businesses, private banking clients, institutional and retail customers. In May 2016, HSBC locally incorporated its retail banking and wealth management business in Singapore and established, HSBC Bank (Singapore) Limited. HSBC Singapore has a retail network of 13 branches (comprising 10 dedicated HSBC Premier Centres, 2 HSBC Jade Centres and a Premier International Centre) and many locations across the island providing self-service terminals.