Bank of China (Hong Kong) has rolled out a one-stop wealth planning service, dubbed PlanAhead, on its mobile banking platform.
The move is aimed at providing customers with information on professional asset allocation with different product solutions, after analysing their personal financial information and target gap.
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The new service features ‘Wealth Planning Service’ and ‘Smart Invest’.
While the first is intended to help users plan their life goals such as studies, purchasing properties and enjoying retirement, the latter offers financial product solutions, including deposits plan, funds, securities and insurance, to help them achieve their goals.
Smart Invest is the mobile extension of BOCHK’s branch-based Asset Allocation Reference Portfolio, which was launched in partnership with Schroders earlier.
It enables customers to select from a range of solutions to enhance their asset portfolios and build their own portfolios with as little as HK$1,000.
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By GlobalDataBOCHK Personal Digital Banking Product Department deputy general manager Arnold Chow said: “BOCHK has always been committed to providing diversified investment products. Its mobile banking offers more than 20 investment and wealth management product options, including securities (Hong Kong stocks, A-shares, US stocks), foreign exchange, funds and insurance, which are the most comprehensive among industry peers in Hong Kong.
“BOCHK’s one-stop wealth planning service “PlanAhead” on its mobile banking is the first of its kind introduced in Hong Kong, enabling customers to accumulate wealth at different stages and to achieve their life goals.”
He also noted that the online trading volume of US stocks for personal customers increased significantly year-on-year by nine times as of the end of December 2020, while there has been a 74% surge in the premiums for online life insurance.
Chow added: “The online trading volume of iBond and Silver Bond last year doubled from the previous issuance. All these indicate a growing demand for online wealth planning services.”
In December last year, BOCHK rolled out a premium Private Wealth service to offer personalised wealth management solutions to its HNW customers with net asset value of over HK$8m.
