HSBC Singapore received three awards at the Asiamoney Banking Awards 2023, including being named “Best Bank for Digital Solutions” for the first time in recognition of its commitment to help clients run their businesses and manage their wealth better using technology.
The two other awards are – Singapore’s “Best International Bank” and “Best Corporate Bank”. The bank received the former for the second year running in recognition of its extensive global network, while it was awarded the latter for the first time, a nod to its suite of offerings to firms, including in the areas of debt capital markets, loan syndication, equity markets and transaction banking.
“These accolades are a testament to the great progress we’ve made to be the international bank of choice in Singapore and across Asean,” says HSBC Singapore’s Chief Executive Officer Wong Kee Joo. “It also showcases our strong digital capabilities and focus on technology and innovation to support our customers and the new economy.”
Asiamoney, the financial publication that organises the annual awards, points out that HSBC’s strong revenues and profits in Singapore showcases its strength across business segments.
According to Asiamoney, this performance is not only due to the higher interest rate environment, but also to the combination of the bank’s strong customer acquisitions across all the important business lines, its active alignment of its operations with the government’s priorities, and a clear focus on digital growth, wealth and environmental, social and governance (ESG) principles.
Bank of choice for customers the world over
Since opening its first branch in Singapore in 1877, HSBC now has close to 4,000 employees serving Singapore and the rest of South-east Asia. Its Singapore office is a key node in the bank’s global footprint, functioning as an international wealth and regional wholesale hub, as well as a regional centre of excellence for sustainability for HSBC.
Singapore also serves as the bank’s launchpad for digital innovation. Its Global Wallet, Global Money Transfer and International Credit Decisioning solutions were first launched in Singapore before being scaled and adopted in other geographies where HSBC operates. As a global bank, HSBC leads the experimentation of new technologies, including digital assets, distributed ledger, artificial intelligence and quantum computing. It recently completed the pilot transaction of the first blockchain-based solution in the market which enables property developers to simplify and automate payments to their suppliers and vendors.
As the bank’s strategic focus sharpens, the South-east Asian region will remain critical to its growth going forward. HSBC has earmarked US$6 billion (S$8.2 billion) in investment over a five-year period from 2021, and half of this amount has been set aside for South and South-east Asia. A significant portion of these resources will be directed towards the development and enhancement of digital solutions within the region
Greater use of technology and digital innovations allows HSBC to operate more efficiently and improve the quality of its services. This will no doubt help to strengthen Singapore’s position as a leading financial centre in Asia, which is aligned with the city-state’s Industry Transformation Map (ITM) for the financial sector.
Says Mr Shayan Hazir, Chief Digital Officer for Asean at HSBC: “We are collaborating across the organisation to create innovative proprietary platforms and customer-centric, digital solutions to help our clients reduce costs, improve efficiency and increase growth opportunities.”
