Wealthy Asian investors are increasingly seeking to diversify their portfolios and capture new sources of returns in a more effective and efficient manner. Many of the region’s high net worth (HNW) and ultra-high net worth (UHNW) individuals are turning to Standard Chartered’s Private Bank as they look to preserve and grow their fortunes, against a backdrop of persistent global uncertainties.
In 2023, Standard Chartered commissioned a Global International Banking Report, in collaboration with RFI Global. This report shows a growing demand across Asia and the Middle East for cross-border products and solutions. On average, one in five HNW and UHNW individuals desire bespoke cross-border solutions that cater to their specific needs. In addition to HNW and UHNW clients, the trend is expanding to affluent clients. Standard Chartered is uniquely positioned to serve these client segments across its International, Priority and Private Bank businesses. Another key differentiator is its network and one-bank proposition together with the Corporate and Investment Banking division.
Furthermore, the survey highlighted that 70% of HNW and UHNW individuals transfer funds internationally. One principal reason for these payments is to engage in overseas investments. This is where Standard Chartered’s Private Bank excels in serving these clients with unique, complex and evolving needs.
Regional Head, Southeast Asia, and Singapore Location Head, Private Banking at Standard Chartered
“Our extensive international network and deep understanding of the Asian market uniquely position us to cater to the sophisticated requirements of HNWIs. We offer a seamless, crossborder banking experience that few can match.”
Global Presence, Local Expertise
Standard Chartered Private Banking is present in 30 markets with over 160 years of experience across Asia, Africa and the Middle East. As part of an international banking group with an expansive network, Standard Chartered Private Bank is well positioned to meet the objectives of Asia’s wealthy individuals and families. For its private banking clients, the bank offers international wealth management services through its wealth hubs in Singapore, Hong Kong, Dubai and London.
“Our extensive international network and deep understanding of the Asian market uniquely position us to cater to the sophisticated requirements of HNWIs. We offer a seamless, cross-border banking experience that few can match,” says Foo Tian Ong, Regional Head, Southeast Asia, and Singapore Location Head, Private Banking at Standard Chartered.
This global footprint ensures that clients have access to local expertise and on-the-ground support, wherever they are. This is particularly pertinent in Asia, where clients are increasingly looking to take advantage of strong bilateral cross-border banking relationships that exist between markets such as China-Hong Kong, India-U.A.E., and Singapore-Malaysia.
For instance, Hong Kong is the world’s largest offshore renminbi (RMB) hub, processing about 75% of the global off shore RMB transactions. Given Standard Chartered’s large and longstanding presence in Hong Kong, the bank is well positioned to help clients capture opportunities in mainland China. Another noteworthy example is Dubai, where the bank provides an extensive range of solutions for both local and expatriate clients.
A Suite of Services to Meet Diverse Needs
Standard Chartered Private Bank’s ability to leverage its global network and banking services across its wealth hubs enables it to offer a unified cross-border experience to its clients.
“This encompasses solutions ranging f rom international mortgages, multi-currency accounts, and global investment opportunities to wealth planning and legacy advisory, as well as corporate and investment banking solutions that are designed to meet the diverse family and business needs of today’s UHNW clients,” Foo says.
As online banking emerges as the preferred channel for trading activities among Asian HNW and UHNW clients, Standard Chartered’s digital capabilities serve to enrich the client experience. The bank’s innovative online platforms provide clients with the flexibility and convenience to manage their wealth from anywhere in the world.
Solutions Designed for Global Indians
Standard Chartered Private Bank has proven to be adept at meeting the needs of its different client segments. This includes affluent individuals among India’s vast global diaspora, estimated to be one of the world’s largest and most successful. Through its advisory centers in Singapore, Dubai, London and Hong Kong, Standard Chartered offers localized expertise while maintaining a global perspective for non-resident Indians to manage their wealth efficiently.
“Our deep under standing of the Indian market, stemming from our local presence of over 160 years, combined with our international reach and financial expertise in leading financial hubs across our footprint, uniquely positions us to serve the needs of global Indians,” says Vinay Gandhi, Global Head of South Asian Community and Regional Head, Europe, Middle East and Africa, Private Banking at Standard Chartered.
Global Head of South Asian Community and Regional Head, Europe, Middle East and Africa, Private Banking at Standard Chartered
“Our deep understanding of the Indian market, stemming from our local presence of over 160 years, combined with our international reach and financial expertise in leading financial hubs across our footprint, uniquely positions us to serve the needs of global Indians.”
“We can present a wide variety of investment solutions to non-resident Indian clients who are looking to diversify globally. At the same time, we are able to offer cross-border financing services, such as international mortgages for their properties in the U.K., to help them achieve their financial objectives with ease and confidence,” he says.
As HNWIs continue to seek diversified and international investment opportunities, Standard Chartered is well-equipped to meet these needs, reinforcing its position as a leading international wealth manager in Asia.
