HSBC Bank Taiwan Ltd (滙豐台灣商銀) has won five major accolades at Wealth Magazine’s 2023 Wealth Management Awards. In the category of foreign banks, HSBC Taiwan scooped the Best Wealth Management Award, Best Relationship Manager Team Award, Best Customer Recommendation Award, Best Digital Intelligence System Award and Financial Service Innovation Award.
This is the fourth consecutive year that HSBC Taiwan has won the Best Wealth Management Award and Best Relationship Manager Team Award, demonstrating HSBC Taiwan’s outstanding achievements in serving the wealth management market, cultivating talent and continuously upgrading its digital platform.
HSBC Taiwan president Adam Chen (陳志堅) attended the awards ceremony yesterday, receiving the trophy for the Best Wealth Management Award from President Tsai Ing-wen (蔡英文).
Photo courtesy of HSBC Bank Taiwan Ltd
“HSBC has committed to investing US$3.5 billion over several years to develop wealth management in the Asia-Pacific region, including one of its key markets, Taiwan,” Chen said.
“Despite the challenges affecting global markets last year, HSBC continued to invest in talent, platforms, products and digital service capabilities in Taiwan, and we leverage HSBC’s international network to provide our clients with the most professional and sophisticated wealth management services,” he said.
As the only foreign bank in Taiwan with a global presence, HSBC has observed rapid growth in Taiwan’s wealth management market in recent years.
Photo courtesy of HSBC Bank Taiwan Ltd
By 2030, the proportion of Taiwanese adults with wealth of at least US$1 million would reach 10.2 percent, the fourth-highest in Asia, after only Singapore, Australia and Hong Kong, HSBC’s Asia wealth report said.
To provide high-net-worth clients with exclusive and prestigious banking experiences, HSBC has injected resources to establish best-in-class wealth centers in Taipei and Taoyuan, with third center to open in Taichung this year.
“HSBC aims to become the best international wealth manager in Taiwan. We provide our clients with investment analysis from a global team of experts, as well as market-leading and tailor-made wealth management plans. We continuously invest to optimize our digital platform, introduce diversified investment products and leverage international connectivity to offer international financial and wealth services to our clients,” HSBC Taiwan head of wealth and personal banking Linda Yip (葉清玉) said.
In addition to providing professional wealth management services to clients, HSBC Taiwan has also been developing digital finance, and its holistic investment platform on its mobile banking app won it the Financial Service Innovation Award from Wealth Magazine this year.
As consumers’ digital investment behaviors shift from computers to mobile phones, HSBC Taiwan has upgraded its mobile banking app to develop a 100 percent digitalized investment process.
Through mobile phones, clients can carry out diversified investment transactions at any time or place, including foreign currency exchanges, onshore and offshore fund investments, and instant investment transactions on US and Hong Kong shares, which break time and geographical restrictions.
HSBC is the only bank in Taiwan that offers digital services — Internet banking and mobile banking — to private banking clients.
Clients can adjust their portfolios flexibly 24 hours a day and grasp market opportunities.
‘WORLD’S CHIP GATEKEEPER’: Advocacy groups urged the US justice department to investigate Nvidia, saying it had ‘bullied its way into a prominent investment position’ Antitrust tensions are heating up in the chipmaking industry, as rivals have accused Wall Street darling Nvidia Corp of abusing its market dominance in selling chips that power artificial intelligence (AI) — and the US Department of Justice is now investigating these complaints, technology news site The Information reported. The news outlet, which cited unnamed sources familiar with the discussions, said that justice department officials are looking into concerns that Nvidia is potentially cornering the market and pressuring its customers to unfairly retain business. That includes allegations of Nvidia threatening to punish those who buy products from the Santa Clara, California-based tech
The US is considering unilateral restrictions on China’s access to artificial intelligence (AI) memory chips and equipment capable of making those semiconductors as soon as next month, a move that would further escalate the tech rivalry between the world’s biggest economies. The measure is designed to keep Micron Technology Inc and South Korea’s leading memorychip makers SK Hynix Inc and Samsung Electronics Co from supplying Chinese firms with so-called high-bandwidth memory (HBM) chips, people familiar with the matter said. The three firms dominate the global HBM market. US President Joe Biden’s administration is working on several restrictions aimed at keeping vital technology
August Chuang believes the best thing she can personally do to protect her homeland from a Chinese invasion is to buy Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) shares. The 31-year-old Taipei office worker has 70 percent of her domestic assets in the world’s largest chipmaker. It’s been a good investment, with the stock more than doubling since she first bought shares in 2020. But this is more than just a financial decision for Chuang. “TSMC has turned Taiwan into an irreplaceable high-end technology supplier that other countries can’t risk losing,” Chuang said. “That deters China from invading Taiwan. So the stronger TSMC
YEAR’S FORECAST UNCHANGED: Although the firm plans to introduce a new flagship mobile processor, its customers are being cautious about inventory management MediaTek Inc (聯發科) yesterday reported an 18 percent quarterly decline in net income for last quarter, saying it expects a lukewarm third quarter. The smartphone chip designer’s second-quarter net income fell to NT$29.96 billion (US$912.41 million) from NT$31.66 billion in the first quarter, but on an annual basis it jumped 62 percent. Earnings per share last quarter dropped to NT$16.19, from NT$19.85 a quarter earlier, but rose from NT$10.07 a year earlier. “We see revenue being flattish in the third quarter, because some customers are still consuming their inventories,” MediaTek vice chairman and chief executive officer Rick Tsai (蔡力行) told an online investors’