HSBC Singapore expands services for mass affluent clients to their kids living abroad

HSBC Singapore has widened its service coverage for its mass affluent clients to these clients' children, many of whom may find it difficult to return home amid travel restrictions.

The bank said on Wednesday that HSBC Premier customers' immediate family can now tap the full suite of services - both within Singapore and abroad - with no minimum balance requirement. HSBC Premier is meant for customers with minimum S$200,000 in total relationship balance.

For such clients with children aged between 18 and 30 and who are living abroad, their kids can now tap access to international mortgage for investment residential properties located in and around Sydney, Melbourne, Brisbane, Perth and Adelaide in Australia, and access forex conversion services. They can also access relationship manager support in destination countries, among other services.

Alice Fok, head of customer, international and marketing, HSBC Bank (Singapore), said: "The past 18 months has been incredibly tough for all of us. This has been particularly so for people who are separated from their family due to the inability and restrictions to travel.

"The widening of our Premier coverage to include our customers' families removes some of these added pressures. This is particularly helpful for customers who have kids studying overseas - it provides peace of mind that they will have extra on-the-ground financial and personal support when they can't be with them."

Almost half of HSBC Singapore's Premier customers and high net worth customers have international needs, be it for investments including overseas property or their children's education. HSBC research showed that a third of surveyed mass affluent Singaporeans now have overseas property investments, while seven in 10 plan to buy investment properties abroad.