HSBC has opened access to online trading for private banking clients in Asia as part of $100 million of investment in its core banking and digital platforms in the coming two years.
HSBC Private Banking has launched its online trading platform in Asia, according to a statement, opening access to 10 financial markets including Hong Kong, mainland China, Singapore, Japan, the Philippines, Australia, U.K., U.S., Germany, and France.
Technology is redefining wealth management, giving greater access, flexibility, and control over the management of investments globally,» said APAC regional head of HSBC Private Banking Siew Meng Tan.
The current offering will include cash equities and exchange-traded funds before expanding to listed warrants and callable bull bear contracts (CBBC), FX spot and forwards, structured notes, non-complex funds, dual currency instruments, and fixed income by 2022.
Clients can buy and sell securities during market hours with a maximum trade of $2 million per transaction and $10 million per day.
A dedicated support team will provide coverage of 20 hours per day across each market’s opening hours.
According to Tan, the private bank will look to invest $100 million over the next two years to build and innovate its core banking and digital platforms.
Earlier this year, HSBC announced that it planned to invest over $3.5 billion in the next five years in its wealth and personal banking unit which includes private banking.
HSBC Private Banking has already made various upgrades over the last two years including a new internet banking application; integrated and direct client communications; an investment and research platform with personalized alerts; and instant messaging.