HSBC Singapore targets salaried millionaires with new offering
HSBC Singapore will add experiential offerings to its high-net-worth Jade platform, which gives wealthy individuals personalized investment solutions and advisory services as its research shows that Singapore's wealthy are not just focused on becoming wealthier but experiencing life.
The Jade proposition targets high net worth individuals (HNWIs) with at least $1.2m in cash and/or investments in the bank, focusing on clients with international needs, and will provide investment solutions and global concierge services.
According to an HSBC research, Singapore has the highest proportion (40%) of HNWIS who are also salaried millionaires, alongside France. The study defined HNWIs as people with assets of $2m (US$1.5m).
Our research points to Singaporeans becoming more comfortable with their economic status"
In addition, Jade is also launching Jade Passport to extend HSBC's international connectivity and network to customers in mainland China and Singapore, including the use of the Jade Centre and preferential banking services in these markets.
Alice Fok, head of Customer Propositions and Marketing, HSBC Bank (Singapore) said: "The acceleration of business activities towards Singapore over the past few years is resulting in a mushrooming of 'salaried millionaires' who are supporting this commercial activity. This is a stark contrast to other markets where wealth is inherited. This evolving Singaporean strata is not just focused on becoming wealthier but in experiencing life. Jade Passport was created to facilitate seamless access to our banking services in the key Asia cities where we see a lot of cross markets activities, while the Enrich List aims to be a source of inspiration for them to live a more purposeful life."
She added: "Our research points to Singaporeans becoming more comfortable with their economic status. They are starting to shift their primary pursuit from material wealth to other more altruistic experiences which impacts the way they spend and invest. Jade Passport and The Enrich List were developed to respond to this shift."
The bank also unveiled its Enrich List, which it describes as a "curated portfolio of experiences and a source of inspiration" that can be arranged for Jade clients through its global concierge facility. These experiences relate to the broader idea of enrichment: self-betterment, exploration, taking on challenges and giving back, the bank said.
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