With millionaires being minted faster in Asia than anywhere else, Standard Chartered is setting its cap at this mid-tier wealth sector with a new plush private banking operation in Singapore.

As Asia continues to battle the coronavirus, now given the name COVID19 if no clear endgame, Standard Chartered has made the gritty move to push ahead in launching a new private banking network squarely aimed at the fast-growing and coveted high-net-worth international clients.

Called the International Banking and Priority Private Centre newly opened in Singapore’s Ngee Ann City, the service is designed for clients with a minimum of SGD1.5 million assets (US$1.08 million) managed at the bank and promises "solutions" and "privileges" traditionally only available in the private banking space. These include “an extended range of investment opportunities, preferential pricing, and exclusive access to a highly experienced relationship management team,” the emerging markets specialist said.

The move follows the soft launch of a “priority private” offering by the global lender in March 2018, which it said has more than doubled client numbers. Bullish about Asia’s growth trajectory and being well placed to support international clients, the bank said it plans to double the number of relationship managers over the next four years.

Asia’s growing pool of millionaires is no secret, with wealth managers lining up to capture this growth. According to Boston Consulting Group’s Global Wealth 2019 report, the region is expected to see the fastest growth of millionaires in the next five years rising by 10.1 per cent, and Asia’s cross-border AuM is set to increase by a factor of 1.5 by 2030.

Standard Chartered has not surprisingly chosen Singapore to roll out the carpet. “We are pleased that Singapore is the first market in the bank’s network to open an International Banking and Priority Private Centre; this is a clear recognition of Singapore’s position as a leading international wealth management centre and a significant hub for doing business in the world," said Dwaipayan Sadhu, head of retail banking Singapore.

International banking is a major contributor to the bank’s retail business, with over 20 per cent of its affluent clients coming from around the world. "This branch provides an oasis for them to catch up on their financial needs whenever they are in town,” Sadhu said. These needs extend to investing in overseas markets, making multi-currency payments or funding the education of their children, the bank said. It said that about a third of its priority private clients are international clients.

Much like the sanctuaries afforded VIP suites at airports and private members clubs, the Ngee Ann City facility, in the heart of Singapore’s Orchard Road, will offer an exclusive lounge for private conversations, and “an assortment of champagne, exquisite tea and French pastries” with “luxurious yet homely,” meeting rooms, the bank assured. It opened its first branch in Singapore in 1859.