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Standard Chartered Hong Kong enhances digital transformation in wealth management

With a focus on enhancing its digital platform for affluent clients, Standard Chartered Hong Kong has affirmed its position as a leader in the wealth management sector in key Asian markets, including GBA and Southeast Asia

February 16, 2024 | -
  • Expanded wealth management services to 13 Asian markets
  • Enhanced affluent client base through digital innovation, next-gen mobile apps, myWealth Direct platform
  • myWealth Direct is a significant leap with a blend of personalisation, convenience, data-driven investment strategies

Hong Kong’s asset and wealth management industry, valued at over HKD 30.5 trillion ($3.9 trillion) at the end of 2022, is a significant player in the global market, with 64% of its funding sourced from outside the region. With economic activities normalising following border reopening with the mainland, the industry is set to revive with increased fund inflows. 

The Hong Kong government has also increased efforts to enhance its status as a premier asset and wealth management hub in Asia through the mutual recognition of funds arrangements with several countries, and the promotion of the Real Estate Investment Trust market using regulatory and financial incentives.

Adapting to global challenges with strategic foresight

In an increasingly volatile global economic landscape, Standard Chartered Hong Kong has demonstrated resilience, particularly in its wealth management division. With the resumption of normal economic activities and the reopening of international borders in 2023, the bank has achieved operating income of HKD 15,053 million ($1,928 million) in its consumer, private and business banking segment by the end of June 2023, a substantial 23.7% year-on-year increase.

Such growth underlines the bank’s adeptness in navigating the complexities of the current financial climate, and its unwavering commitment to expansion and digital innovation. 

The bank inaugurated its Greater Bay Area (G...

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Keywords:Digital Transformation, Wealth Management, Affluent Clients, Digital Innovation, Mobile Apps, Personalisation, Mywealth Direct Platform, Asset And Wealth Management Industry, Economic Activities, Border Reopening, Funding, Diversified Portfolios