2 days ago
- Business
- South China Morning Post
Standard Chartered aims to convert depositors into investors with digital platform
Standard Chartered, one of Hong Kong's three note-issuing banks, on Wednesday launched a digital platform that allows investments in fund products with as little as HK$100 (US$12.80), hoping to turn depositors into investors.
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SC Invest would allow investors to choose from four fund products via their mobile phones or desktop computers, according to Alson Ho Man-chun, head of wealth solutions at Standard Chartered Hong Kong.
'We have seen that many of our depositors have stable income and are well educated, but then they have no investment experience,' Ho said. The new digital platform aims to encourage these depositors to try putting as little as HK$100 to gain some investment experience, he added.
The four funds have different risk levels, one of which is a multicurrency fund, while the others are a combination of stocks and bonds based on the criteria set by the lender's chief investment officer.
Alson Ho, head of wealth solutions at Standard Chartered Hong Kong. Photo: Jonathan Wong
A study by Standard Chartered showed that depositors were risk averse and they worried about the high minimum investment thresholds and complicated account opening process, Ho said. They were also concerned about hidden fees and how to choose the right investment product, he said, adding that no subscription fees would be charged until the end of this year.
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'These investors may only invest a few [hundred dollars] now,' Ho said, adding that he hoped to convert these investors into premium and private-banking customers as their wealth continued to grow in the future.
