HSBC China Insurance Brokerage Receives Securities Investment Fund Sales License, China Insurance Brokerage Setup in 2022 for HSBC Pinnacle Venture Business to Provide Mobile Insurance & Wealth Planning Services
9th September 2023 | Hong Kong
HSBC China Insurance Brokerage has received the securities investment fund sales license in China, with HSBC China Insurance Brokerage setup in 2022 for HSBC Pinnacle Venture business to provide mobile insurance & wealth planning services. HSBC: “The HSBC Group today announced that HSBC Insurance Brokerage Co., Ltd. (“HSBC Insurance Brokerage”), a wholly-owned subsidiary of HSBC in China, has recently received approval from the China Securities Regulatory Commission for its securities investment fund sales qualifications. HSBC Insurance Brokerage was established in September 2022 to primarily serve HSBC Pinnacle Venture business (“HSBC Pinnacle”) to provide mobile insurance and personal wealth planning services to customers. The new license will make HSBC Insurance Brokerage the first wealth management institution to hold both an insurance brokerage and a fund sales license in China to capture opportunities in China’s RMB 28.8 trillion market.” More info below.
“ HSBC China Insurance Brokerage Receives Securities Investment Fund Sales License, China Insurance Brokerage Setup in 2022 for HSBC Pinnacle Venture Business to provide Mobile Insurance & Wealth Planning Services “
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Nuno Matos, CEO, Wealth and Personal Banking, HSBC: “We are pleased to see HSBC Insurance Brokerage become the first wealth management institution in China to have dual licenses for insurance brokerage and fund sales. As the largest foreign bank in China, we are committed to contributing to the development of China’s wealth management industry by sharing our global wealth expertise and best practices, and by developing talent. In addition to accelerating our investments in retail banking, private banking and asset management, we are introducing innovative new business models and platforms in insurance and wealth, such as HSBC Pinnacle, as part of our ambition to become Asia’s leading international wealth manager.”
Trista Sun, Deputy Chairman of HSBC Insurance (Asia-Pacific) & HSBC Pinnacle Venture CEO: “China’s wealth market remained resilient, recording an average annual growth rate of 9.8% over 2018-20225. The short-term market volatility and industry adjustment have triggered many Chinese wealth owners and investors to rethink their future portfolio management strategy, recognising the importance of risk management and benefits of asset diversification. Talent is crucial for our success in offering both insurance and investment funds as part of holistic wealth and financial planning. HSBC has always placed great emphasis on talent development. Leveraging our unparalleled global network and franchise across retail and private banking, insurance and asset management, we are committed to cultivating outstanding financial talents with an international mindset to help shape the future of China’s wealth management industry.”
HSBC in China
Since 2022, HSBC Insurance Brokerage has established seven branches in Beijing, Shanghai, Guangdong, Shenzhen, Jiangsu, Sichuan and Foshan. The newly acquired license will significantly enhance HSBC Pinnacle’s capabilities by expanding its range of financial planning solutions to include both insurance and investment products for personal and corporate clients. This will allow HSBC Pinnacle to meet a variety of needs ranging from family protection and retirement planning, to wealth preservation and accumulation, at different life stages.
China’s wealth management is a significant long-term growth opportunity for banks. For the entire wealth management industry, including brokers and mutual fund managers, the total Assets Under Management already exceed RMB 100 trillion – about the same size as China’s GDP in 20203. As the middle class continues to expand rapidly and the number of individuals with wealth of at least USD250,0004 to more than double by the end of the decade, the demand for more sophisticated financial services, such as wealth and pension planning as well as insurance products is set to grow.
HSBC Investing in talent to shape the future of wealth in China
To better support corporates in China to plan and manage employees’ benefits and retirement plans, HSBC Pinnacle also provides advisory and customised retirement planning solutions to Human Resources and Benefits Departments in the private sector. HSBC recognises that the talent and diversity of our people is the foundation of our success. To support the growth of the business, HSBC Pinnacle aims to increase our personal wealth planners to 3,000 by 20256. The HSBC Group launched a Personal Wealth Planning Academy in China to provide new personal wealth planners with professional and comprehensive training in wealth and protection planning over a period of 6-12 months.
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