HSBC Bank (Taiwan) Ltd (滙豐台灣商銀) yesterday announced that it had become the first foreign bank subsidiary in Taiwan to receive approval from the Financial Supervisory Commission to offer "Wealth 2.0" wealth management services designed for more sophisticated customers, typically with higher net worth.
This approval underscores HSBC’s conviction in Taiwan’s wealth management market and aligns with the government’s initiatives to further develop Taiwan as a financial center in the Asia-Pacific region. It also coincides with HSBC’s 40th anniversary since establishing full-service branches in Taiwan. Looking forward, HSBC will continue to invest in four major areas — platforms and systems, products, flagship wealth centers, and talent development — demonstrating HSBC Group's commitment to Taiwan.
Photo courtesy of HSBC Bank (Taiwan) Ltd
"Taiwan is one of the key markets in HSBC Group’s growth strategy in Asia and is integral to achieving HSBC’s ambition of becoming the leading international wealth manager in the region. As the only wealth management bank in Taiwan with a global network, HSBC Taiwan actively submitted the application for the Wealth 2.0 business, striving to realize our determination to continue investing in the Taiwan market." HSBC Bank (Taiwan) Ltd chairman David Grimme said,
"By adhering to the client-centric concept, HSBC is constantly studying how to offer more professional and sophisticated services to customers. Following approval from the Financial Supervisory Commission to launch the ‘Wealth 2.0’ business, HSBC will further leverage the strength of our international connectivity, continue investing in digital journeys and platforms, open more wealth centers and expand our teams. Through these initiatives, we will become even more competitive in Taiwan’s wealth management market,” HSBC Bank (Taiwan) Ltd president Adam Chen (陳志堅) said,
In recent years, HSBC has continued to invest group resources to develop the Taiwan market. In particular, HSBC Global Private Banking provides Taiwan’s high-net-worth clients with comprehensive and customized asset and liability management, and offers the most efficient management and planning for clients’ global portfolios.
More recently, HSBC Global Private Banking became the first foreign private bank in Taiwan to provide clients with access to mobile and internet banking, and insurance services to support their protection and legacy planning needs. To provide Premier Elite and private banking clients with exclusive and tailor-made wealth management services, HSBC has opened flagship wealth centers in Taipei, Taoyuan and Taichung with plans to open more this year.
As the first foreign bank subsidiary to receive the Wealth 2.0 license, HSBC strives to further expand the market share of high-net-worth clients in Taiwan, increase the scale of assets under management, and provide clients with more holistic, globally connected wealth services and solutions to meet the growing demand.
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