DBS unveiled its i-Wealth app during a media event in Hong Kong attended by our sister publication Fund Selector Asia.
It has taken the bank two years to develop the app technology.
It will allow wealthy customers to set up a multi-currency savings and wealth management account, and requires identity verification and biometric recognition to open an account.
There are five stages after downloading the app; including ID scanning, taking a photograph, creating login details, uploading proof of address and supplying a few personal details.
Applications are processed within one working day and then clients must deposit a minimum of HK$1m (£99,215, $128,000, €115,000) in their wealth management account to use the services.
Clients will have the ability to invest in seven global equities markets, trade 14 currency pairs in real time and transfer funds on the same day across 42 international destinations without charge.
“The first fully virtual wealth management account opening marks a turning point for time-pressed affluent customers in Hong Kong by saving them time previously spent at branches and completing paper forms,” said Ajay Mathur, managing director and head of consumer banking group and wealth management at DBS Hong Kong.
Convenience
But the digital world is not just for clients, as advisers are also benefiting from technological advances.
Investors Trust has unveiled a mobile marketing app for managing businesses “on the go”.
ITA Connect provides financial advisers with access to company news, marketing materials, interactive tools and fund information.
Advisers will also be able to instantly save and share materials from the app.
“Everything is going mobile. IFAs want on the go access so that’s what we gave them,” said Ariel Amigo, chief marketing officer and head of global distribution at Investors Trust.
“We aim to reduce any negative impact on the world and do our part to give back and inspire positive change. This app, while it’s great for mobile business, it’s also better for the environment,”
The firm said that it “is committed to protecting the planet by offering a greener approach to managing business”.
