HSBC In Singapore Expands "Jade" Offering For HNW, Mass Affluent Segment

Tom Burroughes

28 November 2019

HSBC Singapore has expanded its high net worth “Jade” proposition with new experiential features, tapping into what it sees as a large and growing market of “salaried millionaires”.

For example, the bank has launched Jade Passport, connecting customers from mainland China and Hong Kong,

Enhancements include the use of the Jade Centre and preferential banking services in these markets, the Hong Kong/London-listed banking group said in a statement.

The bank is tapping into the desire for an affluent lifestyle in jurisdictions such as Singapore. In its HSBC Jade study of 1,000 affluent customers across eight countries , it found that 40 per cent of Singapore HNW individuals are salaried professionals – the highest proportion in the survey . The research also finds that 69 per cent of Singapore HNW individuals think that “broadening horizons and discovering new things” is an essential part of enrichment.

“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,” Alice Fok, head of customer propositions and marketing, HSBC Bank , said.