Bank of China targets HNWIs in Malaysia

Bank of China (BoC), a state-owned commercial bank in China, has launched its wealth management operations in Malaysia, the first among the banking group’s Southeast Asia’s entities to do so.

The service is targeted at HNWIs in Malaysia, chinese state-backed news agency xinxhua reports

Customers will be offered tailored wealth management advice, along with special interest rates for deposits and loan foreign currency exchange, according to the report.

Speaking at the launch in Kuala Lumpur, Kung Yeung Yun Chi, deputy chief executive of BOC Hong Kong, said the lender had been working hard to continuously deliver new products and services with the wealth management offering being the latest example. “Today’s banking service looks nothing like it did decades ago. Digital platforms are radically changing the way services are being delivered.

“In response to this transformation, we are actively redefining the digital agenda to continuously enhance customers experience throughout the region, while maintaining the special human touch that most customers still value when it comes to managing their wealth,” he added.

The bank, along with Bank of Communications, Agricultural Bank of China, Construction Bank of China and ICBC recently received the go-ahead from the China Banking and Insurance Regulatory Commission (CBIRC) to set up wealth management subsidiaries.

Source : InternationalInvestment