Taiwan-based HSBC Bank has launched on Friday a wealth management centre in Taipei to offer customers comprehensive financial planning and investment strategies. HSBC’ s Wealth Centres are designed to help connect its customers to their global network, wealth led service and financial solutions, all delivered by a team of on-site banking specialists.

The new expansion in Taipei aims to address the needs of its clients, offering them strategies that use financial product and services. The services that are needed to manage the customer’s assets will be coordinated and a strategic plan for their current and future plans and needs will be created with the client. After finishing the establishment of the new management centre, HSBC will continue investing in employees, service platforms and financial technology, said Nuno Matos to Taipei Times .

The wealth and personal banking chief executive of HSBC also mentioned that Taiwan is an important market in Asia and that its high-net-worth customers make up about 10% of the country’s population. By the end of this year, HSBC saw its pre-tax profit coming from wealth management and personal banking increase by 70% annually from the first half of 2022. The client base for wealth management showed twofold growth year-on-year in 2021 in Asia.

For HSBC, the number of high-net-worth clients grew by 40%, while the assets under management rose by 22% from a year earlier, continued Matos. The company gained a larger market share by providing comprehensive products and offering their clients customized services, managing to keep a sustainable growth over the year. According to the chief executive, the key interest rates of the bank have raised over the year as well.

HSBC’s payment and expansion strategy HSBC is a foreign bank to incorporate locally in Taiwan. It represents a part of the HSBC Groups, wholly owned by The Hong Kong and Shanghai Banking Corporation Limited. The company announced this month its partnership with US-based card spend management platform Extend to expense management solution to the latter’s commercial card clients and customers earlier this month.

This collaboration will help companies in US manage spending with the flexibility and control of virtual cards. Customers have commercial cards with Extend’s digital solutions available to HSBC US, and they will be able to use the additional features that will be added in early 2023 soon. Earlier this year, HSBC partnered with Wells Fargo to expand and update a distributed ledger technology solution for foreign exchange settlements to include CSH (offshore yuan).

HSBC Bank plans to open other centres in Taichung and Taoyuan in 2023, as its aim is to grow as a wealth management business. .