Cover Ashmita Acharya, head of wealth and personal banking at HSBC Singapore
Ashmita Acharya, head of wealth and personal banking at HSBC Singapore
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Head of wealth and personal banking Ashmita Acharya on the bank’s ambitious aspirations, and plans to leverage Singapore’s position as a key global wealth hub
Singapore has become one of the world’s fastest-growing wealth centres. Affluent individuals are drawn, in no small part, by this country’s strong rule of law, reputation for financial probity, and straightforward, transparent processes. As the city-state’s importance as an international wealth hub continues to grow, HSBC Singapore is in a prime position to serve the wealth needs of international customers and the most influential families in Southeast Asia.
“Our clients are internationally minded and connected. They’re seeking opportunities across borders both from a business and personal perspective. HSBC’s international network and breadth of capabilities enable us to provide seamless and more bespoke banking solutions for our clients throughout different stages.” So says Ashmita Acharya, head of wealth and personal banking at HSBC Singapore. HSBC Singapore offers the full breadth of wealth and personal banking including retail banking, wealth management, insurance, asset management and global private banking.
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Acharya took on her role at HSBC at the beginning of the year, concluding a two-decade tenure at Citibank, where she’d steadily risen through the ranks to become head of retail banking in Singapore. “After having spent 20 years with a single employer, I felt that it was time to take up a new set of challenges and slip out of my comfort zone,” she explains. HSBC being one of the largest, most respected banking and financial services organisations in the world made it a natural choice for her transition. Acharya was excited by the opportunity, as HSBC set its sights on being the top wealth management provider in the Asia-Pacific region, leveraging Singapore’s status as an international wealth hub.
Remarkably rapid wealth creation is currently taking place, both in this region and globally, and “the flow of people, capital and ideas between Asia and the rest of the world will only increase in the future,” she adds. With Singapore being HSBC’s international wealth hub, in the coming years, Acharya predicts “strong, sustained demand for wealth, health and insurance solutions and advisory from affluent individuals and their families out of Singapore.” By way of example, in 2022, HSBC’s wealth and private banking business in Singapore recorded invested assets growth of 22 per cent, year-on-year (Source: HSBC Asia seminar for Investors and Analysts 2023).
As Acharya hints, HSBC has ambitious aspirations for its Singapore wealth management business and is investing to support this. An example is the recent acquisition of AXA Singapore—now renamed HSBC Life—which helped the bank acquire the scale and capability to build a holistic banking and wealth management platform (Source: HSBC Asia seminar for Investors and Analysts 2023). “The market opportunities are tremendous,” she explains, “given Singapore is often the destination of choice for global businesses to set up their regional headquarters, as well as regional and global investors to manage their wealth.”
Above Acharya predicts strong and sustained demand for wealth, health and insurance solutions from affluent individuals and their families
Acharya predicts strong and sustained demand for wealth, health and insurance solutions from affluent individuals and their families
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ELEVATING CLIENT EXPERIENCE THROUGH DIGITAL
With improving client experience a key focus, HSBC recently established processes to ensure international clients have everything they require in place prior to even touching down at Changi or Seletar. “To be set up for success, people need to be able to open a bank account wherever they are and see their bank accounts in one global view,” Acharya asserts. This thinking drove HSBC to introduce Singapore’s first instant account-opening solution for international clients. Acharya explains that with HSBC’s innovative solution (powered by EasyID, a global service that performs real-time digital identity verification and authentication), “new-to-bank international customers from over 30 countries and markets can securely and easily open a bank account with HSBC Singapore without the need for branch visits.”
Furthermore, international customers who have arrived in Singapore but are yet to establish a SingPass account can apply for and gain access to a local HSBC bank account within minutes, via their mobile device. “Both of these new remote onboarding solutions support the bank’s growing pool of international customers in Singapore,” Acharya says. “They also complement a growing suite of digital transactional banking and wealth capabilities that HSBC has rolled out in the past three years to make it easier for our clients to settle in and manage their finances while in Singapore.”
CATERING TO CLIENTS’ NEEDS—FROM SINGAPORE AND BEYOND
The bank is adept at helping Singaporean citizens and entities expand beyond these borders. “We’re a truly global wealth manager,” Acharya states. “This allows us to assist clients with multifaceted needs that range from personal and family matters to seizing the next big business opportunity.” One compelling example of this aptitude is how HSBC supports customers sending their children overseas for schooling. “We’re able to help our clients with the financial planning to manage the educational costs ahead,” Acharya says. “We’re also able to help their children start their student life on the right footing by getting a banking account ready for use at their destination, prior to departure. We’re able to facilitate the transfer of money between HSBC accounts around the world securely through our Global Money Transfers service. ”
Above Acharya shares that HSBC plans to excel in everyday banking by enhancing its products and propositions
Acharya shares that HSBC plans to excel in everyday banking by enhancing its products and propositions
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LOOKING AHEAD
Looking to the future, Acharya adds, “Our ambition is to be Singapore’s preferred wealth manager to support the wealth and international banking needs of our customers—from first-time investors to a new generation of entrepreneurs and ultra-high net worth families by channelling our expertise and capabilities across private banking, asset management, insurance and transactional banking.”
She says HSBC also plan to excel in everyday banking by gaining market share in unsecured lending and offering comprehensive wealth solutions for both domestic and international customers.“Our strategy includes enhancing our products and propositions, advancing our digital capabilities, and investing in our people,” Acharya explains. “We’re committed to delivering exceptional service enabled by a seamless omni-channel experience for our clients.” From an innovation standpoint, Acharya says that by leveraging generative AI and digital, “we intend to provide hyper-personalised content and tailored service and product offerings, empowering both clients and relationship managers while staying at the forefront of wealth tech evolution.”
As a wealth manager who can truly claim to have a global footprint, reach, and vision, she concludes with: “HSBC is one of the few banks with a relevant position in all major and emerging international wealth hubs and international corridors, which means we can accompany clients wherever their life and wealth ambitions take them.”
HOW HSBC SAFEGUARDS CLIENTS’ FUTURES
HSBC’s recent global client survey (Source: HSBC Global Private Banking press release, December 2022) found that 85 per cent of families worldwide are preparing the next generation for business succession. “In ASEAN, the preparation rates are even higher, reflecting a strong desire to advance their succession planning efforts,” says Tommy Leung, HSBC head of Global Private Banking, South Asia. With its expertise in the complex financial landscape, HSBC aids families in crafting tailored wealth planning, trust, and family governance solutions spanning generations.
Above Tommy Leung, HSBC head of Global Private Banking, South Asia
Tommy Leung, HSBC head of Global Private Banking, South Asia
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The provision of philanthropic advice to clients is another area in which HSBC excels—and one that dovetails with wealth transfer and succession-related matters. “We’re witnessing a remarkable cross-generational transfer of wealth, with philanthropy at its core,” Leung continues. Another recent HSBC survey (Source: HSBC Global Private Banking press release, December 2022) revealed that philanthropy plays a core role in grooming the next generation for business and legacy transfer. In Asia, families are engaging in unprecedented philanthropy, pioneering novel approaches to address local and regional needs. Today’s philanthropists have grand visions, emphasising strategic giving and hands-on involvement to amplify their impact. “HSBC’s unique attributes give us a distinct competitive edge,” Leung believes. “We can serve the full spectrum of clients and remain relevant as a client progresses through their wealth journey.”
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Photography: Darren Gabriel Leow
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Make-Up: Angel Gwee using Burberry
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