In her former role, Tan headed JP Morgan's use of "intelligent automation" in fields including wealth management. Her recruitment highlights the continuing digitalisation of the banking value chain.

HSBC Singapore has named former JP Morgan senior figure, Tancy Tan as its chief operating officer, following her experience of having led a team to increase the use of "intelligent automation." The announcement came a day before the HSBC group was scheduled to issue 2021 results. 

At JP Morgan, Tan was global head for its Centre of Excellence for Intelligent Automation, Asset and Wealth Management, where she led the insertion of AI and analytics into the business operations. She has previously worked in global leadership roles, in Singapore and abroad, delivering product rollouts, client management, building client platforms and post-merger integrations, and developing digitisation strategies to help boost customer revenue and achieve operational efficiencies.

“Tancy’s digital development and wider international experience – coupled with her client-facing background – will be crucial for Singapore as we continue to build our online platforms across our wealth and wholesale businesses,” HSBC Singapore CEO, Kee Joo Wong, said.

Tan will report to Kee Joo Wong on an entity level and to David Grimme, COO, HSBC Asia-Pacific, on a functional basis.

HSBC Singapore said it has “ambitious” growth plans over the medium term. It aims to double the total wealth balances of its wealth and personal banking business in the next five years. It is also seeking to grow its wholesale business exponentially with a specific focus on increasing its internationally-oriented small and medium-sized customers, as well as supporting larger companies who operate their regional offices and treasury centres from Singapore.

Last year HSBC Singapore acquired AXA Singapore, widening its asset management solutions and expertise, and enhancing digital and mobile capabilities for its wealth and wholesale customers.