HSBC users in Hong Kong can now open an investment account online without visiting a physical branch.
Previously, existing HSBC customers can already access investment products online, but they would need to visit a physical branch first to open an investment account.
Eligible customers can log on to the HSBC HK Mobile Banking App and complete the investment account opening procedure, which includes completing their risk tolerance assessment.
Once the investment account is activated, customers can access a range of investment products and services, such as stocks, mutual funds, bonds and structured products, according to the statement.
Users are also able to access “FlexInvest”, an online mutual fund service launched in January, which allows retail investors to invest as little as HK$100 (£10, $13, €11) in six bond and equity index funds managed by HSBC Global Asset Management.
Accessibility
“We are committed to making wealth management services accessible to everyone in Hong Kong through our enhanced digital capabilities,” Sami Abouzahr, head of customer wealth, wealth and personal banking for Hong Kong, said in the statement.
The launch of the service comes at a time when banks in Hong Kong are ramping their digital mutual fund distribution channels in the face of competition from online distributors. Online platforms already had capabilities of enabling users to open investment accounts digitally.
Banks and securities firms are also rolling out more online investment solutions in Hong Kong.
For example, BOCI Securities partnered with Hong Kong-based Magnum Research earlier this year to provide robo-advisory advisory services to its clients. In a similar move, CMB Wing Lung Bank launched its robo-advisory service, also powered by Magnum.
Hang Seng Bank, which is owned by HSBC, also launched an online fund service in Hong Kong, “SimplyFund”, which is similar to HSBC’s FlexInvest. SimplyFund enables users to invest as little as HK$1 in mutual funds managed by its asset management affiliate, Hang Seng Investment Management.
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