Several thousands of Standard Chartered clients have used the bank's new personalised investment ideas tool since its launch last October in Singapore.
The bank's strategy is to focus on the wealth management business, «given the growing affluence in our region and the increasing appetite of our clients for protecting, investing and growing their wealth», said Sumeet Bhambri, Standard Chartered regional head, wealth management, Asean and South Asia, in an interview with «The Business Times».
Singapore is also Standard Chartered's second-biggest market, after Hong Kong. The wealth business contributes a third to the overall retail banking income in Singapore. Wealth, the fastest growing product group in the bank, gained 20 per cent in 2017.
Launch in Hong Kong Planned in 2018
So it was natural that the bank picked Singapore to launch its new personalised investment ideas (PII) tool last October. Hong Kong should go «live» in the third quarter of 2018, said Bhambri to «The Business Times». Since the October launch in Singapore, over 8,000 clients have used PII.
PII is a smart digital investment tool which generates investment ideas for a client in just minutes, based on preset algorithm matrices. Priority clients have to place a minimum S$200,000 with the bank.
