HSBC launches wealth programme as part of its offering for early-stage entrepreneurs.

This week, HSBC has launched the Private Wealth Entrepreneur Incubation programme for corporate clients, designed to nurture and accelerate high-potential business owners, who are yet to onboard with the private bank. It provides those early on their growth journey with tailored wealth planning, investment events and access to a global network of industry experts, supported by the bank’s relationship managers.

The programme comes as HSBC focuses on bolstering support for entrepreneurs across different stages of their wealth and business journey with an enhanced entrepreneurial wealth proposition in Asia, starting with Hong Kong.

With 83 per cent of entrepreneurs globally stating that family and legacy are the purpose of their wealth, HSBC said it has seen an uptake in demand for its one-bank solutions encompassing personal and business needs, especially for entrepreneur clients whose needs are often diverse and interconnected.

Hong Kong’s business owners are mobile and about 80 per cent live for part of the year in more than one location, compared with a global average of 53 per cent, the bank said in a statement. But Hong Kong remains their key business market and 81 per cent operate domestically. This increasingly international lifestyle of entrepreneurs and their families has led to growing demand for cross-border financial solutions, the bank added.

Building on its strength as an international financial centre, the bank said that Hong Kong is on track to become the world’s largest cross-boundary wealth management centre by 2028. With opportunities for businesses seeking to expand in the region and tap into the Greater Bay Area, the city ranks top for business owners with multi-residency.

The focus on business speaks to how banks want to connect with entrepreneurs and executives in their ascent up the wealth ranks, knowing that this cohort of the population will - hopefully - fill the ranks of HNW and ultra-HNW individuals in future. 

Innovation
This week, HSBC also launched the Innovation Exchange programme in Hong Kong and the UK to connect private banking clients with innovative businesses to share industry insights in the innovation and technology industry. This includes the “All-in on Innovation” thought leadership programme, offering ultra-high net worth clients in Asia involved in the technology sector a journey to the US to meet with tech venture capitalists and startups.

“Entrepreneurs have always been an integral part of our business. Today, two-thirds of our Global Private Banking clients in Hong Kong are entrepreneurs. With growing wealth in Asia, we are pleased to launch a more focused proposition to further build on our strong connectivity across Global Private Banking, Commercial Banking and Corporate and Institutional Banking to bridge entrepreneurs’ business success with tailored investment strategies and long-term wealth planning,” Lok Yim, regional head, global private banking, Asia Pacific, HSBC, said.

“Entrepreneurs need to balance their personal goals with business aspirations, making a holistic approach to wealth management essential. For 160 years, we’ve been helping them thrive by managing their commercial and personal wealth – because when one succeeds, the other grows too,” Frank Fang, head of commercial banking, Hong Kong and Macau, HSBC, added.