DBS Bank (Hong Kong) Limited (DBS Bank (Hong Kong)) and Shenzhen Rural Commercial Bank Corporation Limited (SRCB) announced a strategic partnership to provide qualified Greater Bay Area (GBA) mainland investors with Wealth Management Connect (WMC) Southbound services.
The combined expertise of the two banks will help customers achieve financial well-being with access to customised diversified investment products, services and digital banking capabilities.
Southbound customers banking with DBS Bank (Hong Kong) will be able to benefit from digital account opening services anytime, anywhere. This means that upon submitting their Southbound account application form via the DBS digibank HK app, customers can tap into the benefits of the WMC Southbound services once their accounts are verified.
As SRCB’s largest shareholder, DBS has been leveraging its vast Asian network and deep wealth management expertise to enhance SRCB’s service capability in its wealth management business. Meanwhile, DBS Bank (Hong Kong) will accelerate its strategic expansion into the GBA via SRCB’s extensive local network and insights. This close collaboration will deepen their relationship and mutually support their ambitions in the region.
DBS Bank (Hong Kong) has established a unique WMC offering as the only bank with three Southbound partners under the WMC scheme. Since the scheme’s launch last October, over 80% of the bank’s WMC Southbound service clients are completely new customers to DBS Bank (Hong Kong). The strength of DBS’ WMC services has resulted in the bank’s average total amount invested per WMC customer reaching over RMB 130,000, more than eight times higher than the RMB 16,365 market average.
Sebastian Paredes, Chief Executive Officer of DBS Bank (Hong Kong) Limited said, “Adding SRCB as our newest WMC Southbound partner in 2022 is a major milestone in the journey of both banks in forging new opportunities for GBA investors. This has strengthened our ‘WMC multiple-partnership strategy’ to provide individual investors across the GBA with exceptional and more varied international wealth management services. We will continue our strategy to pursue partnership opportunities that can enhance our reach and ability to meet the growing financial needs of our GBA customers.”
Jie Yuan, President of Shenzhen Rural Commercial Bank Corporation Limited, said, “Since DBS became our strategic investor last year, we have embarked on deeper collaboration to elevate customer experiences by introducing advanced management technology services. These moves advance our ‘retail + technology + ecosystem’ strategy and improve our ability to serve individual investors’ needs in the GBA. To harness the opportunities the WMC scheme provides, we will work closely with DBS Bank (Hong Kong) to bring more diverse and international investment products and digital banking services to customers in the GBA.”
Source: DBS Bank