Standard Chartered said it would continue investing in talent, wealth advisory services and banking solutions with an eye on growing its affluent business in the coming years.
Last month, Standard Chartered said it would aim to acquire $200 billion in net new money over the next five years, alongside other targets such as double-digit compound annual growth rate for income from wealth solutions. According to the bank, it saw «robust growth» in Singapore's assets under management in 2024 for its affluent segment (Priority Banking and Priority Private clients who bring in a minimum of S$200,000 or $146,000), though it did not reveal any figures.
To further its ambitions, Standard Chartered recently launched its «Beyond Credit Card» in collaboration with Mastercard. The credit card offers various benefits including travel privileges and experiences like access to premium golf clubs and airport lounges. This is especially relevant as the bank observed a double-digit percentage increase in client spending in the first half of 2024, including foreign currency spending.
«The Beyond Credit Card will be an important addition to our suite of offerings. Clients can tap into our global network, trusted wealth advisory and market leading products, as they take their wealth journey to the next level and beyond,» commented Andrew Chia, head of wealth and retail banking, Singapore, ASEAN and South Asia at Standard Chartered.
