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HSBC raises the digital game
9 May 2022 | Monday Source: The Star
HSBC Group, which sees Malaysia as an important market for its wealth management business in Asia, is upping its digital initiatives to spur its wealth management business in the country.
Spelling out the initiatives for the country’s wealth management business, the group’s chief executive for wealth and personal banking Nuno Matos told StarBiz that: “We are digitising at scale to put a ‘bank in our customers’ pockets’ and view digitisation as an important growth lever for our wealth business in Malaysia.
“HSBC Malaysia expects more than 90% of our retail transactions to be done through digital channels by the end of 2022, he said, adding that this would also accelerate its wealth management business going forward.”
In the first quarter of this year, for retail customers specifically, the bank saw 21.75% growth in mobile active users versus the same period last year. E-payment transactions have also seen a 13.45% increase in transactions in the said quarter compared with the same period last year.
