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Enoch Yiu

Standard Chartered plans to increase its investment in wealth centres and hiring in Hong Kong, mainland China and Taiwan to gain more affluent clients, a senior executive said, adding that it doubts Beijing’s stricter enforcement of taxes on cross-border investment will hurt the wealth-management sector.
“We are doubling down on Greater China wealth opportunity,” Judy Hsu Chung-wei, its CEO for wealth and retail banking, told a media briefing last week.
“Greater China – Hong Kong, mainland China and Taiwan – is one of the world’s most important wealth corridors,” she said, explaining that this was why the London-headquartered lender aimed to set up more luxury wealth centres, hire more talent, and invest in technology platforms in the three markets to capture growth opportunities.
Hsu said Hong Kong, Standard Chartered’s largest single market – contributing a third of its first-half pre-tax profit – was playing a key role in its expansion plan.
Standard Chartered recently opened its seventh Hong Kong wealth centre in Causeway Bay, meaning a third of its wealth centres are in the city. Another third are in mainland China and Taiwan.
“Hong Kong is our largest market and our leading cross-border wealth hub, connecting the region with global capital, investment opportunities and wealth,” she said.
The lender has said it plans to invest US$1.5 billion in its wealth business between 2025 and 2029. Hsu said a large portion had been allocated to Hong Kong and Singapore, with “the Greater China corridor” to be its investment focus.
Beijing has recently rolled out policies to enforce its tax rules on cross-border investment. China announced new rules in July that brought income generated through offshore trusts under its ­personal income tax regime. Early last month, several major mainland cities, including Shanghai, began collecting a 20 per cent levy on gains from offshore insurance policies.
China has always had a global tax. Now they are clarifying and enforcing it
Judy Hsu, Standard Chartered
Hsu said some clients had queries about the tax issues, but she did not think they would hurt the long-term growth of cross-border investment.
“We have not seen any change in our clients’ behaviours, and we are able to grow our wealth clients and net new money,” she said. “China has always had a global tax. Now they are clarifying and enforcing it.”
The clarification was good because it meant customers could discuss the implications and compliance with their tax advisers, Hsu said.
“Tax is a consideration, but it is not why the customers are setting up a trust,” she said. “The tax policy will not stop them from setting up a trust for succession planning or investing in the global markets.”
Standard Chartered, which generates most of its business in Hong Kong and other markets in Asia, the Middle East and Africa, said its wealth-management revenue rose 38 per cent year on year to US$2.1 billion in the first half.
Net new money for affluent clients – those with at least US$25,000 – increased to US$33 billion by the end of June. In the first half of the year, it booked 150,000 new affluent clients, while 150,000 existing ones put more assets under the bank’s management.
Hsu said the bank would continue to invest in the United Arab Emirates (UAE) and other Persian Gulf countries, even though US-Israel war on Iran was continuing. In an enhancement of its services, it was now offering a single-relationship-manager service for Priority Private clients who had at least US$1 million in assets under management in the UAE, and that banker could also help handle the client’s accounts in other markets such as Singapore or India.
“We will continue to invest in the Middle East because there are still a lot of opportunities deep in the UAE,” she said. “We are not withdrawing, and we will continue to find good relationship managers to serve clients.”
Hsu said she also supported moves by the Hong Kong and Singapore governments to introduce tax incentives to attract talent.
In June, the Hong Kong government submitted a bill to lawmakers that would introduce a tax break on carried interest – the performance-based fees earned by hedge fund and private equity managers. A vote is expected to take place later this year. Singapore’s monetary authority and finance ministry also announced a package of measures last month aimed at enticing investment professionals to the city state, including tax exemptions on investment profits for managers of single-family offices and other qualifying funds.
“Tax is important, but it is not the only reason why people move to a country,” Hsu said. “Both markets have done very well in creating a great place to live and a school system for their children to study in.
“We are seeing more people moving here because the opportunities are here.”


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Lender says it plans to add more luxury wealth centres, hire more talent and invest in technology platforms in Hong Kong, mainland China and Taiwan


Lender says it plans to add more luxury wealth centres, hire more talent and invest in technology platforms in Hong Kong, mainland China and Taiwan.


Standard Chartered ‘doubling down’ on China wealth opportunities despite tax pivot

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Lender says it plans to add more luxury wealth centres, hire more talent and invest in technology platforms in Hong Kong, mainland China and Taiwan

Lender says it plans to add more luxury wealth centres, hire more talent and invest in technology platforms in Hong Kong, mainland China and Taiwan