HSBC Bank (Taiwan) Ltd (匯豐台灣商銀) aims to advance its wealth management business by launching new services including family financial planning, online trading in foreign stocks and providing access to nine foreign currencies without charging handling fees.
“Competition for wealth management business is very intense in the nation, just like other sectors in the banking industry, so we have to update our programs to stay competitive,” HSBC Taiwan retail banking and wealth management head Linda Yip (葉清玉) told a news conference in Taipei yesterday.
The bank provides Premier services, including financial consulting, preferential mortgage rates and fast-track approvals, for clients who have more than NT$3 million (US$96,634) in their accounts, Yip said.
Photo courtesy of HSBC Bank (Taiwan) Ltd
In a bid to expand its customer base, the bank has announced that clients’ family members, such as their spouses and children, would be provided the Premier benefits if they link their accounts to the client’s account, she said.
“The family members can check and manage their accounts independent of each other, which is important for people who value privacy. But the link between the accounts will make transfers between family members more convenient and we will provide family wealth consulting accordingly,” HSBC Taiwan senior vice president Lucy Tseng (曾詩如) said.
HSBC’s family relationship managers would integrate the financial situation of the family, and provide professional advice to help clients achieve their personal and family financial planning goals, Tseng said.
The bank has also launched the HSBC Everyday Global Visa Debit Card, with which clients can exchange New Taiwan dollars to nine foreign currencies through the bank’s Web site without paying any handling fees.
The currencies are the euro, British pound, US dollar, Canadian dollar, Hong Kong dollar, Japanese yen, Singapore dollar, Australian dollar and New Zealand dollar.
This is the first time in the nation that a bank is offering access to nine foreign currencies, Yip said, adding that “most of our clients are involved in international matters and hold more than three foreign currencies at the same time.”
After exchanging their NT dollars into foreign currencies, the clients can use the card to make payments overseas without worrying about exchange-rate fluctuations, she said.
The bank would later this month launch a real-time trading platform called “HSBC i-Invest” to allow its clients to invest in US equity markets and Hong Kong stocks, Tseng said, adding that clients would be charged a transaction fee of 0.3 percent, much lower than securities brokers.
Major PC vendors expect a shortage of key components to last another 12 months until the second quarter of next year, when PC demand wanes after two years of robust expansion, a UBS analyst said yesterday. Concern has risen among investors that PC demand could weaken as the US and European economies reopen from COVID-19 lockdowns and gradually return to in-person business activities. At the annual Taiwan Conference that began on Monday, UBS analysts said they had similar discussions with companies in PC supply chains, and the feedback from major PC vendors indicated that demand remained quite strong on the back of
Taiwan and China are to build more new high-volume semiconductor fabrication plants this year and next year than any other country, together contributing more than half of all new fabs in the world by constructing eight each, SEMI said in a quarterly report yesterday. Global chipmakers are to start building 19 new high-volume fabs by the end of this year and another 10 next year to meet accelerating demand for chips from the communications, computing, healthcare, online services and automotive sectors, SEMI, an association that represents the global semiconductor sector, said in its quarterly report. “Equipment spending for these 29 fabs is
MOVING ON UP: Taiwan improved in all four areas measured by the IMD, making its biggest leap, from 17th to sixth place, in economic performance Taiwan moved up three spots from last year to place eighth, its best performance since 2013, in the latest annual world competitiveness rankings, released yesterday by the International Institute for Management Development (IMD). Innovation, digitalization, welfare benefits and social cohesion are critical to economic performance, with Switzerland, Sweden, Denmark, the Netherlands and Singapore making up the top five on the list this year, the Switzerland-based institute said, after grading 64 countries and regions based on economic performance, infrastructure, and government and business efficiency. “Leading performers are characterized by varying degrees of investment in innovation, diversified economic activities and supportive public policy,” IMD
‘MATTER OF SURVIVAL’: Vice Premier Liu He is to lead the development of ‘third-generation’ chips, a field not yet dominated by any nation or company Chinese President Xi Jinping (習近平) is renewing his years-long push to achieve technology self-sufficiency by tapping a top deputy to shepherd a key initiative aimed at helping domestic chipmakers overcome US sanctions. Chinese Vice Premier Liu He (劉鶴), Xi’s economic czar whose sprawling portfolio spans trade to finance and technology, has been tapped to spearhead the development of so-called “third-generation” chip development and capabilities, and is leading the formulation of a series of financial and policy supports for the technology, people with knowledge of the matter said. It is a nascent field that relies on newer materials and gear beyond traditional silicon,