Standard Chartered plans to significantly boost investments in artificial intelligence (AI) and recruit additional wealth managers in Hong Kong and various markets with the aim of attracting US$200 billion in net new assets from high-net-worth individuals within the coming five years, as stated by global CEO Bill Winters.
The bank, headquartered in London, operates in over 50 markets across Asia, the Middle East, and Africa, regions witnessing growth in their wealthy demographics. However, Hong Kong stands as the largest marketplace for this lender with a focus on emerging markets.
Winters mentioned in an exclusive interview that in locations such as Hong Kong, China, India, ASEAN, and progressively in the Middle East and Africa, they are observing demographic shifts and economic maturity contributing to a larger group of wealthy individuals requiring assistance.
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"Hong Kong holds immense significance for Standard Chartered," he stated, adding that many of the bank’s mainland Chinese clients collaborate with their representatives in Hong Kong, Singapore, or Dubai.
Recently, Winters announced an investment of $1.5 billion in its wealth management division over the coming half-decade. The bank’s profits surged by 19 percent in 2024, largely due to strong expansion in servicing high-net-worth individuals.
The funds will be utilized for the development of AI tools and additional technological advancements, as well as to employ more seasoned bankers in wealth management who can cater to high-net-worth individuals in Hong Kong, Singapore, and beyond.
Winters stated that the $200 billion client capital objective would be reached via the planned investments in artificial intelligence, technology, and personnel.
Artificial intelligence can be employed for detecting and preventing fraud, conducting anti-money laundering screenings, and assisting lenders' relationship managers in offering a range of products and services to their clientele.
He mentioned that they currently have more than 200 use cases under development and emphasized that these projects are advancing swiftly. They aim to ensure their relationship managers get top-tier AI resources from them, enabling customization tailored to each customer’s needs.
In February, Standard Chartered announced a 19 percent rise in underlying pretax profits to $6.8 billion for the year 2024. The underlying pretax profits in Hong Kong surged by 25 percent to reach $2.3 billion, accounting for 34 percent of the overall figure—the highest contribution from any of the bank’s regions.
Last year's impressive performance was driven by two key areas: cross-border corporate banking and wealth management. According to Winters, these sectors will keep expanding.
He mentioned that there was significant volatility last year concerning warfare-related politics and global geopolitical issues. We were particularly well-positioned for this situation, especially within China, where considerable changes are occurring alongside fluctuations in the currency market.
Standard Chartered plays a significant role in sectors connected with the yuan. The bank provides customers an array of financial solutions such as hedging currencies, managing international transactions, facilitating trade settlements, and overseeing capital investments.
The latest shift where mainland producers are relocating portions of their manufacturing operations to countries like Vietnam, Indonesia, and Malaysia with lower costs has opened additional business prospects for Standard Chartered. This allows them to assist these enterprises in establishing themselves within these growing economies.
In the meantime, Winters, aged 63, will celebrate ten years with the bank in June and currently has no intention of retiring.
There are countless fascinating activities to enjoy on this planet," he remarked. "Fortunately, I am healthy and energetic, so I plan to continue exploring.
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The article initially appeared on the South China Morning Post (www.scmp.com), which is the premier source for news coverage of China and Asia.
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