HSBC Jade organises book club for customers

Singapore

HSBC last month held a book club discussion for its affluent customers, a refreshing change from the usual investment talks or food and alcohol events banks dish out to woo clients.

About 60 HSBC Jade clients from Singapore and Hong Kong joined the inaugural virtual book club event to discuss with author James Crabtree his award winning The Billionaire Raj. Crabtree had spent five years in India as Mumbai bureau chief for the Financial Times (FT).

The Billionaire Raj was shortlisted for the FT & McKinsey Business Book of the Year Award 2018, and named one of the Financial Times' Books of the Year and Amazon's Top 100 Books of the Year (2018). The title explores India's explosive economic rise, which has driven inequality to new extremes, even as billionaires spend lavishly and dodge taxes.

HSBC said it knows that reading is one activity its clients are doing more of this year. Said Alice Fok, HSBCSingapore's head of customer, international and marketing: The bank aims to help its customers "build sustainable wealth and achieve personal growth as well as maintain good physical and mental wellness".

Jade is HSBC's retail banking affluent proposition for individuals who have at least S$1.2 million in cash and/or investments with the bank.

"Geared especially for customers with international needs, Jade provides personalised investment solutions and advice, and global concierge services," said Ms Fok.

HSBC Jade customers include individuals based in Singapore, many of whom have global business or family connections abroad, as well as international customers from across Asean, mainland China and Hong Kong, United Arab Emirates and non-resident Indians. Ms Fok said despite the pandemic in 2020, HSBC Singapore's Jade customer base continues to grow by almost 50 per cent from the year before.

Some of the bank's past events include a virtual tour of the award winning series, Game of Thrones, filming location in Girona, Spain, as well as a virtual guided tour of Liverpool's Cavern Quarter for customers who are fans of the iconic pop band, The Beatles.

Virtual events

"This year, we are expanding our range of virtual events further by introducing more interactive elements to these engagements," she said.

Other virtual lifestyle events in the pipeline include yoga class with Lululemon, a global athletic apparel retailer, and cooking demo by the Michelin-starred team at Candlenut Singapore.

Over at UOB, in January, it was the first bank to partner with Aston Martin to organise an exclusive preview and test-drive of the new Aston Martin DBX for its UOB Privilege Reserve clients, said Jacquelyn Tan, UOB head of group personal financial services.

UOB Privilege Reserve clients also had "an immersive whisky journey through the Macallan Experience at the Raffles Hotel Singapore in February 2021, where they enjoyed a tour to view a selection of Macallan whiskys and a tasting session.".

Clients must have a minimum of S$2 million with the bank to qualify for UOB Privilege Reserve status.

For clients into timepieces, UOB organised a virtual watchmaking masterclass with Montblanc during which participants got to understand the intricacies of a mechanical watch movement and its assembly.

OCBC said during the circuit breaker period last year, it engaged customers through various virtual events including tea appreciation, wine appreciation and food pairings, and even how to mix a good cocktail.

"Today, the expectations of our well-heeled customers have gone beyond banking," said Gregory Choy, OCBC head of Premier Private Client and Premier Banking Asia. "What customers are looking for is a banking relationship that helps them to achieve their aspirations - self-actualisation - that is built on trust through personalised financial advice and access to exclusive experiences. We're seeing more demand for these enhanced banking relationships, with assets under management growing 30 per cent year-on-year," said Mr Choy.

At DBS, "beyond the usual investment & wealth planning talks, we also educate and engage clients on topics relating to ESG (environmental, social and governance) and social impact, which are key areas for us", said a spokesperson.

She said "For instance, last year we launched virtual small-group roundtables amid Covid-19 - these connected social enterprises (SEs) and interested clients, enabling clients to learn about and engage these SEs in a closer environment.

"This year, we'll also be launching a new series of webinars to educate clients on how they can do good and do well at the same time - such as via sustainable investing or supporting SEs, be it via mentorship or funding."