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HSBC employs FinTech with UK investment capabilities for young clients

The HSBC logo displayed on your smartphone.

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London — HSBC will face FinTech challengers directly in the field of wealth management and launch a new investment function for young UK clients.

A British bank said Wednesday that it is rolling out tools in mobile apps that allow people to invest in a variety of off-the-shelf funds. You must invest a minimum of £ 50 ($ 66.62) to be eligible.

“Approximately 389,000 clients under the age of 35 have sufficient assets to invest, but are not currently investing,” said James Hewitson, head of wealth management at HSBCUK, in a statement. Said. “In addition, 64% of HSBC’s customers are digitally active.”

The new service will be available on iOS and Android in the coming weeks.

HSBC already offers online investment advice services in the UK Entry into app-based wealth management attracts young investors by promising low-cost and easy-to-trade finance such as Revolut and Freetrade Responding to the flood of start-ups-the application you use.

This week, UK online broker AJ Bell said it plans to launch a new app called Dodl that allows users to trade stocks without paying fees.

So-called robo-advisors such as Nutmeg and Moneybox, which provide automated portfolio management services, are also becoming more popular these days. In June, Nutmeg agreed to be acquired by JP Morgan as part of US lenders’ ambitions to launch the Chase retail banking brand in the United Kingdom.

HSBC employs FinTech with UK investment capabilities for young clients

Source link HSBC employs FinTech with UK investment capabilities for young clients

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