HSBC Private Banking on Thursday (June 17) launched an online trading platform for private banking clients in Asia. The new feature aims to connect high net worth and ultra-high net worth clients with the latest market opportunities and offers trading access to 10 key financial markets – Hong Kong, mainland China, Singapore, Japan, the Philippines, Australia, the United Kingdom, the United States, Germany and France.
The platform gives customers direct access to cash equities and exchange-traded funds (ETFs) from their mobile phones. It provides the ability to track and analyze investments in real-time and review trade portfolios at their convenience, while offering up-to-date quotes and price charts to help clients make informed investment decisions.
Clients can buy and sell securities in the 10 major financial markets during exchange trading hours and trade up to US$10 million daily, at up to US$2 million per transaction. A dedicated support team will provide 20-hours-a-day coverage across each market’s opening hours.
“Technology is redefining wealth management, giving greater access, flexibility and control over the management of investments globally,” says Siew Meng Tan, regional head of HSBC Private Banking, Asia-Pacific. “We expect to invest over US$100 million in the next two years to build and innovate our core banking and digital platforms to meet the fast-changing wealth and lifestyle needs of our clients.”
HSBC Private Banking aims to expand the range of products available on the online trading platform from cash equities and ETFs to more complex trades such as listed warrants and callable bull bear contracts, FX spot and forwards, equity-linked and fixed-coupon notes, non-complex funds, dual-currency instruments, and fixed income by 2022.
In February 2021, HSBC announced plans to invest over US$3.5 billion in the next five years to accelerate the growth of its wealth and personal banking business in Asia and drive its ambition to become the leading wealth bank in the region.