HSBC Singapore has announced further support to the mid-sized Non-Bank Financial Institutions (NBFI) sector, and has appointed a banker to oversee this division.
The new division, which will be led by Amanda Jooma, head of NBFI Coverage, Singapore, will provide banking capabilities to the expanding ecosystem underpinning Singapore’s growing status as a wealth and investment hub, including funds, the insurance industry and payment providers, HSBC announced on Thursday.
Jooma brings over 11 years of experience as a coverage banker, covering banks, funds, alternative finance companies, broker-dealers and asset managers during her career. She joined HSBC in 2017 and led its NBFI team in the U.K.
Important Hub
In the announcement, HSBC noted that Singapore is now a top-three offshore wealth booking center globally, managing $1.1 trillion personal wealth, and is becoming a global fund gateway for institutional wealth in Asia Pacific. The bank also said that it aims to double the overall combined retail and private banking total wealth over the next five years.
«Despite all economic factors, Singapore’s allure as a wealth and investment hub has not waned and as it continues to grow, so will the ecosystem surrounding it,» Alan Turner, HSBC Singapore head of commercial banking, said in the announcement.
