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  • HSBC Appoints Singapore Commercial Banking Head

    HSBC Appoints Singapore Commercial Banking Head

    HSBC has promoted a Hong Kong corporate banker previously covering the tech sector to become its head of the commercial banking unit in Singapore.

    Regina Lee has been named as HSBC’s Singapore head of commercial banking, according to a statement, effective March 1 this year.

    Lee will replace Alan Turner who will relocate to the commercial banking unit in Canada after three years in Singapore.

    She will report to CEO of HSBC Singapore Tony Cripps and APAC head of commercial banking Stuart Tait.

    Lee has over 20 years experiencing across corporate and commercial banking. She was most recently a managing director of corporate banking in HSBC’s Hong Kong unit where she led the coverage team for TMT (technology, media, and telecommunications), consumer, retail and commodities.

    In addition, Lee has extensive operational and risk management experience as HSBC’s former chief operating officer for the commercial bank in Hong Kong and she also separately oversaw operational risk and control division for commercial banking in the broader APAC region. Previously, she also led business development for HSBC Hong Kong’s global trade and receivables finance business and the commercial banking business in Macau.

    Singapore continues to be a strategic growth market for the group, offering significant opportunities from its increasing status as an international investment hub and springboard to Southeast Asia, Cripps said.

  • Bank of Singapore Sees Strong IAM Growth

    Bank of Singapore Sees Strong IAM Growth

    OCBC’s private banking arm, Bank of Singapore, saw a major boost in new clients and revenue from independent asset managers in the midst of a pandemic, according to senior market head Teresa Lee said.

    Independent asset managers (IAM) have been one of the major strategic focus for growing our business, said Bank of Singapore’s Greater China and North Asia senior market head Teresa Lee in an interview.

    According to the Singaporean private bank, the number of onboarded IAMs grew almost 50 percent year-on-year, as of November last year, with overall IAM revenue from the same period nearly doubling. This was owed in no small part to the Hong Kong IAMs business which has seen accelerated growth following the launch of a hub dedicated to the segment several years ago.

    We have successfully set up our Hong Kong-based ‘IAM Excellence Center’ in May 2018 to act as a hub to provide dedicated support such as onboarding, trade execution, services, marketing and more, Lee added. We have managed to see good progress in new relationships and client acquisition, especially for Greater China.

    Not unlike its competitors, the coronavirus pandemic has disrupted operations and driven digital transformation at Bank of Singapore.

    In a separate conversation with its global chief operating officer Sonjoy Phukan in mid-2020, he noted that over 70 percent of client accounts have already signed up for digital services.

    Similarly for the IAM segment, Lee noted growing adoption – close to 500 participants logged on to a market outlook for an online IAM Forum in April last year.

    Despite the digital gains, Lee echoed private banks’ industrywide belief that the «human touch» was unlikely to go extinct anytime soon.

    Digital capabilities can only accelerate and maintain some processes while others cannot be replaced, she said. I believe that the human touch continues to be key to maintaining relationships.

    Examples of the relevance of high-touch services remain in areas such as wealth or legacy planning, where the bank hired seasoned veteran and ex-APAC head of the practice for HSBC Private Banking Joanna Ho last year.

    In 2020, China was a rare case of growth amongst major economies at 2.3 percent, according to its national data, and mainland equity markets have been buoyed by tech, healthcare and other rallies.

    Similarly, Bank of Singapore has seen strong growth in assets under management across all Greater China client segments which posted a 17 percent increase as of the third quarter last year, outpacing the private bank’s overall growth of 5 percent to $116 billion.

    Lee also expressed confidence that Hong Kong will maintain its hub status and that it will always be an important financial center, especially for Greater China clients, adding that she observed no significant wealth shift to Singapore.

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  • UBS Profits Double in APAC Wealth Unit

    UBS Profits Double in APAC Wealth Unit

    Asia Pacific profits in the fourth quarter of 2020 more than doubled year-on-year at UBS, driven by a strong increase in invested assets.

    Profits before tax at UBS’s APAC unit increased by $95 million to reach $169 million – a nearly 130 percent increase – driven by an increase in both transaction-based income and recurring net fee income from a strong increase in invested assets.

    Asia’s largest private bank by far, UBS saw another strong quarter of net new money with $13.2 billion, outpacing all other regions. Invested assets in the region reached $560 billion, a $57 billion increase compared to the last quarter.

    Worldwide, invested assets at UBS Global Wealth Management grew an additional $262 billion to reach $3 trillion, a 10 percent increase compared to the third quarter, as markets continue to reach new highs amid a coronavirus pandemic.

    Overall, the world’s largest wealth manager also posted net new money of $21.1 billion, with net inflows from all regions.

    Asia’s lead over other regions was helped in no small part by a single inflow of $4 billion, already more than the combined net inflows of the Americas ($1.4 billion) and Switzerland ($700 million).

    While an operating income increase of $60 million played no small role in the surge in profits, cost control was also a significant factor.

    Cost/income ratio at UBS’s Asia wealth unit saw a sizable decrease from 85.6 percent to 70.5 percent.

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  • HSBC’s Noel Quinn Faces Questions from British MPs

    HSBC’s Noel Quinn Faces Questions from British MPs

    HSBC chief executive Noel Quinn is scheduled for a virtual session tomorrow with the U.K.’s Foreign Affairs Committee where he is expected to face tough questions about the bank’s relationship with Beijing.

    HSBC’s Noel Quinn alongside chief compliance officer Colin Bell will face questioning from the British parliament’s Foreign Affairs Committee (FAC) this week regarding political developments in Hong Kong.

    This occurs just days after self-exiled activist Ted Hui called on British member of parliament (MP) to investigate the British lender over frozen accounts and an apology from Quinn saying he had «no choice» after being instructed by Hong Kong police.

    The virtual session between FAC and top HSBC executives is scheduled for tomorrow with a private meeting followed by a public one at 2:30 pm in the U.K.

    The FAC meeting is expected to cover a number of recent events in Hong Kong including the passing of the national security law and the freezing of accounts belonging to activists involved in local protests.

    On Quinn’s emailed apology to Hui last week, Conservative MP and FAC chair Tom Tugendhat called the response «extraordinary» adding that the HSBC CEO was clearly defending his actions by denying responsibility, according to a  report.

    Companies listed in London should expect to be scrutinized according to the values we hold, not those of a foreign dictatorship,» he said.

    According to Hui, who self-exiled to the U.K., he has recently shared evidence and detailed information regarding the recent account freezes, as requested by FAC members.

    Any banks, businesses or organizations helping the communist tyranny to suppress the freedom of Hong Kong people will inevitably pay a heavy price internationally, Hui said in a social media post over the weekend.

    I will do everything I can to make these organizations face the consequences.

  • Bidders Emerge for AXA’s Singapore Unit

    Bidders Emerge for AXA’s Singapore Unit

    Three bidders have reportedly emerged as frontrunners for AXA’s business in Singapore after the French insurer first signaled a potential sale in August last year.

    HSBC, Malayan Banking’s insurance joint venture Etiqa and an at least one Chinese firm are reportedly in the running, according to a «Bloomberg» report citing unnamed sources.

    Etiqa was established in 2005 and provides general and life insurance solutions. It was founded as a merger between a Maybank-Ageas joint venture and Malaysia’s National Insurance.

    HSBC also has an existing insurance business in Singapore and its chairman Mark Tucker recently called for accelerated expansion across Asia.

    According to the report, expectations are for the sale to raise about $700 million amid AXA CEO Thomas Buberi’s attempt to shift focus to property and casualty insurance, evidenced by its $15.3 billion purchase of XL Group in 2008.

    The three frontrunners will have a few weeks before submitting binding bids for AXA Singapore.

    AXA’s Singapore unit offers life, property, and casualty insurance and it generated 615 million euros ($745 million) of revenue for 2019, according to its annual report.

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  • CCB Nabs Bank of China President

    CCB Nabs Bank of China President

    China Construction Bank, the world’s second-largest commercial lender, hires from rival Bank of China to appoint a new president.

    Wang Jiang was named president of CCB, according to a Caixin report citing unnamed sources, filing a position that has been vacant for two months.

    Wang will also serve as vice chairman for the Shanghai and Hong Kong-listed CCB.

    Wang, 57, will be returning to CCB where he worked for many years including as its the general manager of its Hubei and Shanghai branches.

    At Bank of China, he was a vice-chairman since January 2020 and president since December 2019. He was also named vice chairman and non-executive director of Bank of China’s Hong Kong subsidiary in March 2020.

    Wang graduated from Shandong Economics College in 1984 and obtained his Doctoral Degree in economics from Xiamen University in 1999.

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  • VPBank profits jump 26 pct

    VPBank profits jump 26 pct

    Lender VPBank reported a 26 percent jump in pre-tax profit last year to VND13 trillion ($564.24 million).

    The second and fourth quarters saw its highest ever quarterly profits of VND3.67 trillion and VND3.62 trillion.

    The lender’s profits exceeded those of state giant BIDV and private lender VIB.

    Its income was up 7.3 percent to VND39 trillion, with interest income accounting for nearly 83 percent.

    Services and securities trading were profitable, but foreign exchange trading caused a loss.

    Credit growth was 13.1 percent, and non-performing loans accounted for 2.9 percent.

    In 2019, VPBank had reported the sixth-largest pre-tax profit behind Vietcombank, Techcombank, Agribank, VietinBank, and BIDV.

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  • Nomura Hires More Than 20 Private Bankers

    Nomura Hires More Than 20 Private Bankers

    Japanese bank Nomura aims to more than triple assets under management in its International Wealth Management business by March 2025, through an accelerated expansion of the client franchise and enhancement of the wealth management product and services platform.

    All these individuals have been hired in Hong Kong and Singapore following the integration of International Wealth Management into Nomura’s Wholesale business, and the appointment of Ravi Raju as Head of International Wealth Management in September 2020, the firm said in a media release on Tuesday.

    Our ability to attract top talent from the industry is an acknowledgment by the market that we are serious about our ambitions to build a leading wealth management business and are well-positioned as a platform of choice for aspiring relationship managers in the region. The initial focus of the recruitment drive has been to strengthen our presence across Greater China, Southeast Asia and the Global South Asia market,» he said. Some of the senior hires include:

    Client Coverage

    Wayne Yang has joined as Managing Director and Group Head, Greater China, from Baxian Private and Investment Bank, where he was CEO. He started his career more than 30 years ago and has held multiple senior-level positions at private banks including two stints spanning two decades at Citi’s private bank. He has also held leadership roles at the Asia Pacific private banking teams of Merrill Lynch and Deutsche Bank.

    Trevor Mak has been hired as Managing Director and Relationship Manager for Hong Kong. He joined from UOB Kay Hian where he was Managing Director, Private Wealth Management, since March 2020. Before that, he was a Managing Director at Citigroup’s private bank, covering Hong Kong HNW clients for over 12 years. He started his banking career with Standard Chartered in 1984 in Hong Kong, and has worked in private banking at UBS, Coutts, Standard Chartered and Julius Baer.

    Johnny Liu was appointed Managing Director focused on family office coverage for Greater China. He joined from Aldworth Management, a family office, where he was a partner. Before that he was Managing Director and Head of Global UHNW Advisors, Greater China, at UBS’s private bank. He has also worked at HSBC, Credit Suisse and Deutsche Bank in wealth management and investment banking roles.

    Kitty Chen joined as Managing Director and Team Lead for China. She moved after a short stint as Managing Director with Union Bancaire Privee in their Hong Kong office. Before that, she was an Executive Director at Credit Suisse’s private bank, where she spent eight years covering mainland China-based clients. She has also worked in the private banking divisions of Merrill Lynch, ING and HSBC.

    Adil Khan has been appointed Managing Director and Group Head, Southeast Asia, focusing on the NRI market in the Middle East and Southeast Asia as well as the Middle East market. He joined from Citi Private Bank where he was Managing Director and Team Head for the Global India business, and was responsible for the Middle East desk in Asia, working with bankers from the Middle East booking business into Asia. Prior to that, he was Middle East CEO for EFG Bank, based in Dubai.

    Brajesh Jha has been appointed Managing Director and Group Head, Southeast Asia. He joined from BNP Paribas Wealth Management where he was Managing Director and Head for Southeast Asia markets that included Thailand and Vietnam for three years. Prior to BNP, he spent over 10 years with UBS, both in wealth management and investment banking in multiple senior roles.

    Mohit Gupta has joined as Managing Director and Team Lead for Southeast Asia NRI from BNP Paribas Wealth Management where he was Managing Director and Team Head, Indian Markets, covering family offices and UHNW clients from Singapore. Prior to this, he was in various investment advisory roles with Credit Suisse and Standard Chartered for 12 years.

    Charly Madan has been appointed Managing Director and Team Lead, Southeast Asia, focusing on Thailand and Vietnam. He joined from BNP Paribas where he was also Managing Director and Team Leader responsible for UHNW clients in Thailand and Vietnam. He has over 30 years of experience in financial services and has held several senior roles in Thailand including Chairman of CNP REIT, CFO & CRO of Pruksa Real Estate, Country Executive, Thailand, and Asia Pacific Head of Capital and Portfolio Management at Royal Bank of Scotland, Head of Corporate Banking at Bank of Ayudhya and Country Officer at Citibank.

    Nini Rojanavanich has been appointed Executive Director and Relationship Manager, Southeast Asia, covering Thailand and Vietnam. She joined from BNP Paribas Wealth Management in Singapore where she was a Director in the UHNW client segment for Thailand. Prior to that, she was with Sumitomo Mitsui Banking Corporation in charge of its Financial Institutions Group in Thailand, and has held other leadership roles with institutions including Royal Bank of Scotland, Citibank, Bangkok Bank and ABN AMRO.

    Umesh Pandey has been appointed Executive Director and Relationship Manager, Southeast Asia, covering Thailand and Vietnam. He joined from BNP Paribas Wealth Management which he joined in October 2019. Prior to that, he was in the media industry, having spent 16 years over two stints at the Bangkok Post where his last role was as Editor-in-Chief. He has also worked as a Thailand correspondent for Reuters and The Wall Street Journal.

    Kripa Bathija has joined as Executive Director and Relationship Manager covering family offices and UHNW clients in Southeast Asia. She was at Bank of Singapore where she was a Director covering a similar demographic of clients for over seven years. She has also worked with Citibank across various geographies for seven years, with the majority of that time spent with the firm’s Singapore wealth management unit focused on the NRI business.

    Investment Products & Advisory Solutions

    Akshay Prasad has joined as Managing Director and Head of Investment Products & Advisory Solutions, Asia Pacific, from Deutsche Bank’s wealth unit where he worked for nearly 14 years. His last role there was as Managing Director and Head of Investment Advisory, Global South Asia, where he managed a sales team delivering cross-asset advisory and discretionary solutions for clients across Asia and Europe. He started his career with Citi’s wealth management unit.

    Sooraj Arur has joined as Executive Director and Head of Lending & Credit Solutions, Asia Pacific. He joined from Deutsche Bank where he was a Director in structured lending, originating financing deals, structuring credit solutions and negotiating bespoke loan documentation for Asia Pacific wealth management clients in markets including Singapore, Hong Kong, Indonesia, Thailand, India and the Middle East. Before Deutsche, he was a credit specialist at Citibank.

    Aditya Sehgal joined as Executive Director to help drive transformation and business development for Investment Products & Advisory Solutions. He came from Deutsche Bank Wealth Management, where he was a Director and cross-asset investment specialist. There, he provided bespoke multi-asset structured solutions for clients’ investment and hedging needs by partnering with coverage teams in Singapore, Hong Kong and Dubai. He worked at Deutsche for 11 years.

    Infrastructure and Platform

    Mohan Kuppuswamy joined as Executive Director and Head of Architecture & Technology, Asia Pacific, from HSBC where he was Program Head for Platform, implementing Avaloq for Singapore and Hong Kong. Prior to that, he worked for eight years in multiple roles at Deutsche Bank in Asia and Europe, and for over a decade at Citibank including at its private bank in treasury, operations and technology.

    TS Murali has been appointed Executive Director and Head of Front Office Risk and Supervision, Asia Pacific. He joins from Citi Private Bank where he was Business Unit Manager, South Asia, for seven years. In this role, he directly managed the sales support team, ensuring the business operated within applicable regulatory frameworks with appropriate operational and control infrastructure. He has worked at Citigroup and its affiliates since 1993 in various roles across business and operations.

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  • HSBC’s Noel Quinn Apologizes to Self-Exiled Hong Konger

    HSBC’s Noel Quinn Apologizes to Self-Exiled Hong Konger

    Self-exiled lawmaker Ted Hui publicly shared and criticized HSBC CEO Noel Quinn’s apology over frozen accounts which claimed that the bank was done on orders by the Hong Kong police.

    I regret that HSBC is not able to operate your bank and credit card accounts, said Quinn in an email dated January 11 and sent to Hui who has shared an image on his Facebook account.

    Quinn explained that the bank had no choice but to take action after being instructed by the Hong Kong police, Hui said, and he also apologized over communications with HSBC.

    The ex-Democratic Party member and his family’s accounts were allegedly frozen by HSBC alongside Hang Seng Bank and Bank of China after police said they were probing for a money laundering linked to a crowdfunding campaign.

    According to Hui, there is no legal basis for freezing his nor his family’s accounts, underlining a specific concern that he had not received questions regarding any suspicious transactions prior to the move.

    Hui has since said his family accounts were unfrozen and his personal accounts were partially released. He also noted that HK$200,000 ($25,800) had been frozen, less than the initial HK$850,000 ($110,000) claimed by local police.

    HSBC said it would not comment on specific accounts and maintains its stance that it must comply with the jurisdictions in which it operates.

    Hui also said that the bank had initially chosen to cancel his account before changing its decision to just freezing it.

    I can hardly accept the nearly laughable U-turn explanation given by HSBC regarding my credit cards, from ‘a commercial decision to cancel’ to ‘frozen only’ after enormous public criticisms, he said. This is not so much a mistake made by a frontline staff member.

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  • HSBC Advocates for More Asian Say in Climate Change

    HSBC Advocates for More Asian Say in Climate Change

    HSBC chairman Mark Tucker lauded the efforts of global governments in creating standards and definitions for sustainability but expressed concerns that they could potentially leave out Asian economies.

    According to Tucker, Asia is increasingly where global leadership is coming from» with regards to sustainability, citing China and Japan’s rise to drive global agendas in the recent G20 forum alongside the greening of Hong Kong and Singapore’s financial markets.

    Asia is arguably where the fight against climate change will be won or lost, he said during a virtual session at this year’s Asian Financial Forum (AFF).

    Although Tucker applauded industry efforts to set standards in the fight against climate change, he underlined his concerns that this could occur at the expense of capital flows for Asian emerging economies.

    Setting international standards and definitions for sustainability is essential to making progress and the EU has done very good work on this,» he said. «But there’s a danger that these standards may not drive investments into the emerging markets in Asia where it’s needed most for sustainable infrastructure.

    He also underlined this year’s Scotland-based COP26 (United Nations Climate Change Conference) conference as a key moment to lock in the ambitious, low carbon policy goals, adding that Asian economies need to play a big part in those discussions» on issues such as establishing carbon prices.

    Tucker expressed greater optimism in the global fight against climate change, highlighting better prospects without the Donald Trump administration.

    If you look at the three economic blocks – U.S., China, E.U. – there’s plenty they don’t find agreement on, he explained. But I think where they are absolutely united today is their commitment, certainly under the new U.S. administration, to tackle climate change.

    Last October, we announced a new commitment to reset our ambitions, which were significant in the first place, but to reset them to a higher level, Tucker said, reiterating the bank’s goal to achieve net-zero carbon emission across its business by 2050.

    Aligning our own emissions and those of our portfolios and customers to the Paris Agreement goals. This is not insignificant when you think of this: our portfolio is largely Asian based and other banks are clearly in much more established marketplaces.

    The bank has committed up to $1 trillion of financing for this transition over the next ten years though it has yet to share details about its exact strategy.

    On HSBC’s business plans, Tucker said that with interest rates expected to stay low and an ongoing pandemic, the bank has changed its plans to further accelerate growth.

    He highlighted South Asia and, in particular, wealth management opportunities in China’s Greater Bay Area. He separately noted that HSBC was not looking into emerging non-traditional areas of finance like cryptocurrencies, despite related moves by competitors like Standard Chartered’s inroad into crypto custody or DBS’s recent launch of a digital exchange.

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  • StanChart Nets Ex-Bank of Singapore Relationship Manager

    StanChart Nets Ex-Bank of Singapore Relationship Manager

    Standard Chartered hires a new private banker focused on the Singapore market, formerly from Bank of Singapore, according to a note.

    Suresh Nair joins Standard Chartered as a senior client partner for private banking, according to the note, effective as of today with a focus on the Singapore market. In his new role, Nair will report to Adeline Chow, private banking team lead for Singapore and Malaysia.

    A spokesperson for the bank confirmed the hire.

    Nair was most recently with Bank of Singapore where he was responsible for the Singapore, Malaysia and international teams. Previously, he had over 20 years of banking experience working for the likes of J.P. Morgan, HSBC Private Bank and American Express. In addition to Southeast Asia, Nair also has some experience covering the Dubai market.

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  • UBS Boss Ralph Hamers in Tight Spot

    UBS Boss Ralph Hamers in Tight Spot

    The new UBS boss’ chances of escaping a criminal trial over money laundering at the last bank he ran appear to be slimming.

    Ralph Hamers is 99 percent certain to be formally criminally investigated in the Netherlands over money-laundering accusations, the Dutch activist who is seeking to reopen the probe told Swiss weekly NZZ am Sonntag.

    Pieter Lakeman, the 78-year-old who runs a foundation devoted to financial transparency and fair business, told the outlet that Dutch prosecutors informed him in a letter dated January 8 that they would seek charges against Hamers over his role in a money-laundering scandal at ING that culminated in a 2018 settlement.

    The matter has exploded less than three months into Hamers’ tenure running the world’s largest wealth manager, where he is widely expected to modernize, soften a hidebound, bulky hierarchy, and better equip the Swiss bank on technology, data, and digitization.

    The Dutch legacy means Hamers will instead have to devote considerable time and resources to answer to investigators. A feted European banking CEO who was also wooed by HSBC, Hamers may not be tenable if criminally charged in the Netherlands.

    UBS’ board has thus far backed him, and noted that it had ordered an outside review of the ING events while it was recruiting Hamers – which found no wrong-doing.

    Hamers also passed Swiss financial regulator Finma’s fitness and probity testing. UBS Chairman Axel Weber made clear this week that «we are monitoring the situation and will adjust to developments.»

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  • HSBC Hires Ex-SSGA ETF Capital Markets Head for Asia

    HSBC Hires Ex-SSGA ETF Capital Markets Head for Asia

    HSBC’s asset management arm the former Asia Pacific head of ETF capital markets from State Street Global Advisors.

    HSBC Global Asset Management hired Jacqueline Pang in the newly created Hong Kong-based role of APAC head of exchange-traded fund sales, according to a statement, reporting to global head of ETF sales Olga De Tapia. She will be tasked with expanding HSBC Global Asset Management’s ETF business, including sales and distribution.

    Pang is a 20-year investment management veteran and was previously with SSGA for eight years. Prior to that, she was with Amundi Asset Management for five years where she ran its capital markets business and overseeing ETFs covering brokers and market makers across Europe.

    «ETFs are one of the fastest-growing investment products in Asia and we’re expanding our sales team to continue to meet the investment needs of our Asian clients,» said de Tapia. «[Pang] extensive client-facing and ETF market experience will be invaluable to help grow our ETF platform in the region.»

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  • Top UBS Banker Defects

    Top UBS Banker Defects

    Quintet is replenishing its management with a high-profile Dutch banker, in its latest raid on UBS. The Luxembourg-based private bank is hiring Eli Leenaars as its operating chief, it said in a statement on Tuesday. Currently a vice-chairman at UBS, Leennaars is due to replace Colin Price in the job, effective June 1.

    The hire of Leennaars, a prominent Dutch banker, is the latest in a string of high-profile hires from UBS for Quintet. The Qatari-controlled private banking group is seeking a revival of its fortunes under new management stocked heavily with ex-UBS top executives.

    The project was spearheaded by UBS’ ex-private bank head Juerg Zeltner until he died suddenly in March. Now run by Jakob Stott, also an ex-executive of the world’s largest wealth manager, Quintet opened a Swiss bank last year and is in the process of streamlining eight largely autonomous private banks across Europe.

    Leennars, who has kept a low profile since moving to Zurich in 2015, was far more prominent in his 24-year career with ING. He was reportedly ultimately outmaneuvered for the top job in 2013 – by none other than Ralph Hamers, now also in Switzerland. Just ten weeks into Hamers’ tenure as CEO of UBS, Leennaars appears overworking for big companies.

    After decades of service at large organizations, I am eager to put my experience and energy to work at this highly entrepreneurial firm, he said in a statement. The 60-year-old banker was instrumental in the transformation of ING after the 2008/09 crisis, after which Hamers overhauled its aging infrastructure in favor of a so-called agile organization.

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  • HSBC Becomes First Foreign Fintech in China

    HSBC Becomes First Foreign Fintech in China

    HSBC furthers its expansion in mainland China with the latest launch of a fintech subsidiary based in Shanghai. The British lender announces the opening of the HSBC Fintech Services (Shanghai) Company Limited, according to a media statement, with an eye to scale up its wealth management business in the mainland.

    We believe technology can help provide better customer services, which can spur the growth of the real economy,» said Mark Wang, president, and chief executive officer for China.

    The opening of HSBC Fintech reflects HSBC’s commitment to investing in mainland China and also our support to developing technology and innovation in the financial world.

    The new entity will initially provide centralized technology and data services to the bank’s mobile financial planning offering in the mainland – HSBC Pinnacle Venture – to target customers outside the branch network. Digital tools introduced will cover financial planning, employee benefits, and wellbeing platforms for through a one-stop platform focused on corporates.

    In the future, HSBC Fintech will gradually expand the scope of its services to cover other HSBC entities.

    Through this corporate platform, we hope to provide dedicated financial services traditionally available only to high net worth customers to corporate employees on a broader basis, creating positive commercial value for companies, and bringing mutual benefits to both companies and employees, added Trista Sun, vice chair of HSBC Insurance Asia Pacific and execute director of HSBC Fintech Company.

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