HSBC Singapore has launched an an invite-only membership programme offering high net worth customers of its retail banking unit with access to tailored wealth management solutions, enhanced personal banking services, and lifestyle experiences.
The luxury service, called Jade, will be available to select HSBC Singapore Premier customers who meet a set of criteria including maintaining more than S$1.2 million ($842,000) in cash and investments with the bank.
The new initiative targets high net worth individuals with $1 – $5 million.
HSBC has also launched Jade in the UK, France, Hong Kong, USA and Canada.
HSBC’s introduction of Jade into Singapore reflects the growing affluence of Singaporeans and those in Southeast Asia, a statement by the bank said. One in 35 Singaporeans is a millionaire with this population expected to grow 18% by 2020, the 2015 WealthInsight Singapore Wealth Report found.
Singaporeans are also strong overseas investors, according to HSBC.
'In 2015, Singapore-based investors purchased a record $26.31 billion (S$37.83 billion) in overseas real estate, up 49% from $17.63 billion in 2014,' it said.
Jade‘s priority services and exclusive lifestyle benefits include: access to concierge service Quintessentially, lifestyle offers from Etihad Airways, Mandarin Oriental Hotel Group, mytheresa.com and Small Luxury Hotels of the World, Capella Hotel Singapore and Cathay Pacific; a specially appointed senior relationship manager providing personalised banking services; access to HSBC’s market and economic research and; access to a range of exclusive banking products and services, and preferential offers.
In May, HSBC transferred its retail banking and wealth management business from its HSBC Singapore branch to a locally incorporated subsidiary, HSBC Bank (Singapore) Ltd.