HSBC targets wealthy UAE clients for its global markets trading platform

Bank launches new platform that gives customers access to major markets in real time

A pedestrian walks in front of HSBC offices in Middle East. Image for illustrative purposes.

A pedestrian walks in front of HSBC offices in Middle East. Image for illustrative purposes.

REUTERS/Stephanie McGehee

HSBC has rolled out a new platform, enabling investors in the UAE to trade stocks and exchange-traded funds (ETFs) on major global markets in real time.

The new feature that targets wealthy clients, or those with high disposable incomes, provides retail customers access to stock exchanges overseas, particularly the New York Stock Exchange and Nasdaq in the United States, London Stock Exchange in the UK and the Hong Kong Stock Exchange.

The four exchanges together cover around 60 percent of capital markets worldwide.

The UAE and the rest of the region is home to thousands of high-net-worth individuals (HNWIs), those with investable assets worth $1 million or more, excluding primary residences and collectibles. As of June this year, a total of 340,000 HNWIs are living in the region.

The region’s overall millionaire population, however, has declined recently, as the coronavirus pandemic has wiped out the fortunes of the wealthy.

In a statement issued on Sunday, the bank said the platform will allow customers to manage their accounts, savings and investments in one place, including their equity securities portfolio, and submit orders with “real-time execution.”

Bank customers will also be able to access live market data streams on the platform.

“The trading platform is integrated into the HSBC UAE Personal Internet Banking portal,” the bank said.

“Accessible to the bank’s Eligible Wealth and Personal Banking customers in the UAE, the digital platform enables investors to manage their equity securities portfolio 24/7,” the bank added.

Dan Robinson, head of wealth and personal banking at HSBC, said bank customers want to be able to manage all their banking needs online, from anywhere in the world.

“There are now able to submit real-time trades with access to global exchanges and live market data, and I have no doubt that they will recognises the speed and ease of trading that this new platform provides,” Robinson said.

(Writing by Cleofe Maceda; Editing by Seban Scaria)



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