HSBC Private Banking has unveiled its an online trading platform for private banking clients in Asia. It’s designed to connect wealthy clients with the latest market opportunities and offers trading access to 10 key financial markets including Hong Kong, mainland China, Singapore, Japan, the Philippines, Australia, the UK, the US, Germany and France, according to a statement by the bank.
“Technology is redefining wealth management, giving greater access, flexibility and control over the management of investments globally,” said Siew Meng Tan, regional head of HSBC Private Banking, Asia Pacific.
Tan added that the bank expects to invest over $100m in the next two years to build and innovate its core banking and digital platforms.
The platform gives customers direct access to cash equities and ETFs from their mobile phones, and allows them to track and analyse investments in real-time and review trade portfolios at their convenience, while offering up-to-date quotes and price charts.
Clients can buy and sell securities in the 10 major financial markets during exchange trading hours and trade up to $10m daily, at up to $2m per transaction.
A support team will provide 20 hours a day coverage, across each market’s opening hours.
The bank also 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 (CBBC), FX Spot and Forwards, Structured Notes (ELN & FCN), non-complex Funds, Dual Currency Instruments, and Fixed Income by 2022.
In February, HSBC said that it plans to invest $3.5bn in the next five years to accelerate the growth of its wealth and personal banking business in Asia. Its total wealth balance is $1.6trn, with half the total coming from Asia.