HSBC Malaysia Unveils Enhanced Premier Service For Affluent Market

KUALA LUMPUR, Aug 13 (Bernama) -- HSBC Malaysia has launched its all-new HSBC Premier service, designed for affluent and high-net-worth customers with an expanded suite of wealth, health, travel and international banking solutions. 

HSBC head of international wealth and premier banking Asia, Kai Zhang, said Malaysia is the fifth market globally to introduce the upgraded proposition.

“This is taking the premium experience to the next level for Malaysia. Our ambition is to become the leading wealth manager in Asia and the Middle East, with Malaysia playing a crucial role in that vision. 

“Malaysia is one of the region's most dynamic and promising wealth markets, with a young, internationally minded population. As the Malaysian economy grows, so does the opportunity to build and grow wealth,” she said in her keynote speech at the launch today. 

HSBC first introduced its Premier banking services in Malaysia 25 years ago and has progressively expanded offerings for the growing affluent market. Recent developments include the launch of HSBC Premier Elite in 2024, the opening of its flagship Wealth Centre at Tun Razak Exchange earlier this year and the establishment of the HSBC Wealth Academy. 

Affluent Market Growth

Zhang said HSBC projects the proportion of Malaysian adults with at least US$250,000 (US$1=RM4.20) in financial wealth will double over the current decade. 

“We are seeing customers manage their wealth with more intent and seeking diversification across geographies and asset classes. They're investing for the long term, using a broader range of investment instruments and integrating wealth decisions into broader life goals, from education and health, to lifestyle and legacy. 

“They’re looking for more than just returns. They want holistic planning, relevant wealth and banking solutions, as well partnership through life. This is precisely what our brand-new HSBC Premier proposition is designed to deliver,” she said. 

HSBC Malaysia’s country head of international wealth and premier banking Linda Yip said that according to GlobalData estimates, Malaysia’s affluent market, including high-net-worth individuals bracket, is projected to grow at a compound annual growth rate of 5.4 per cent from 2025 to 2029, with liquid assets reaching nearly US$350 billion in four years’ time. 

“Affluent customers now seek holistic solutions that help them accelerate their wealth and at the same time place their health and wellbeing at the forefront. Balancing these needs allow them to grow, protect, enjoy and preserve their wealth for generations. 

“At HSBC, our aspiration is to be the international bank of choice for affluent customers, supporting their holistic wealth management needs,” she said. 

Four Pillars of the All-New HSBC Premier

The enhanced HSBC Premier is built on four pillars, namely wealth, health, travel and International.

Citing HSBC's Quality of Life research, Yip said the affluent deploy cash to grow their investments, with other assets such as fixed income bonds and equities making up a majority (78 per cent) of their portfolio with only 22 per cent held in cash. 

Lifestyle remains a key priority. A total of 52 per cent of affluent Malaysians say that savings for vacation or leisure is a top financial goal that they have, while 48 per cent prioritise health and wellbeing.

For wealth, Premier customers have access to over 350 diverse investment solutions across unit trusts, bonds or sukuk, structured products and insurance or takaful protection plans, along with legacy and protection solutions.

It also offers access to relationship managers and wealth and insurance specialists, backed by regional plus global market insights.

In the health segment, HSBC has partnered with Sunway Healthcare Group to offer up to 30 per cent discounts on selected health screening packages for HSBC Premier customers, as well as a 30 per cent discount at Sunway Medical Centre Damansara and a 20 per cent discount at other Sunway Medical Centres. 

The HSBC Premier Elite customers are entitled to a complimentary Elite Signature health screening package at any Sunway Medical Centre, said the bank. 

For the wellness aspect, HSBC has partnered with Sunway Sanctuary, which includes a 20 per cent discount on postnatal care packages and complimentary gifts for HSBC Premier customers, while its Premier Elite customers are entitled to a complimentary third night with every two-night stay at the Signature One Suite, Sunway Sanctuary.

At the same time, HSBC is enhancing the benefits on its travel cards that are catered exclusively for HSBC Premier and HSBC Premier Elite customers, which include accelerated rewards and miles accumulation for their spend.

For HSBC Premier customers who hold a HSBC Premier World Mastercard credit card, they can now enjoy up to 15 times reward points for every RM1 spent abroad, as long as they meet Premier eligibility criteria, along with six times complimentary access to Plaza Premium Lounges, up to US$500,000 complimentary travel insurance coverage offered by Mastercard and complimentary global data roaming in over 120 countries.

As for its Premier Travel Card, which is a zero-fee credit card exclusively for its Premier Elite customers, the customers can earn 1.1 times air miles for every RM1 spent overseas and one time air mile for every RM4 spent locally, as well as 12 times lounge access to over 1,300 airports around the world. 

For the international segment, HSBC Premier customers can enjoy unrivalled international banking services, which include worldwide Premier recognition for themselves and their family, the ability to open an overseas HSBC account before leaving Malaysia, global money transfers to over 50 countries at zero fees, preferential foreign exchange rates and access to 11 major currencies in one HSBC Premier Everyday Global Account.

To mark the launch, customers who join HSBC Premier or HSBC Premier Elite can earn 4.28 per cent per annum on their six months Time/Term Deposit/-i placed with HSBC and get reward points which allow customers to redeem flight tickets faster.

Meanwhile, customers who invest or insure may get higher returns of up to 10.88 per cent per annum on their Time/Term Deposit/-i placements.

-- BERNAMA