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DBS announces launch of Fully Virtual Wealth Management Account Opening Offering

  • Nov 8, 2019

DBS Hong Kong has announced the launch of the first fully virtual wealth management account opening solution, leveraging identity verification, biometric recognition, and state-of-the-art digital security technology to allow new customers to open an account instantly.

Customers can utilise the solutions through their smartphones, via the iWealth app, with the solution meaning that customers can set up a new multi-currency savings and wealth management account completely digitally; the solution means that customers’ investments and financial needs can be managed anytime and anywhere.

The iWealth app allows customers access to an array of investment opportunities, including equities across 7 international markets, the ability to trade 14 foreign currencies in real time, and allowing the transfer of funds on the same day, across 42 destinations, with no fees, according to a press release by the bank.

Sebastian Paredes, the Chief Executive Officer of DBS Hong Kong, said that “We (DBS) have been working tirelessly to offer customers in Hong Kong the first fully digital solution to manage their wealth. This breakthrough is a great leapfrog forward in the nascent virtual banking landscape, and will allow DBS, the Safest Bank in Asia, to provide customers with a seamless digital journey.”

Ajay Mathur, Managing Director and Head of Consumer Banking Group and Wealth Management for DBS Hong Kong added that “The first fully virtual wealth management account opening marks a turning point for time-pressed affluent customers in Hong Kong by saving them time previously spent at branches and completing paper forms. They are now able to open a wealth management account at their convenience and, what’s more, start investing straight away using the iWealth app on their smartphone. Managing their wealth digitally will mean DBS customers will always be a step ahead with opportunities. We have changed the way customers will now bank.”

DBS Hong Kong prides itself on its FinTech offering, and its contributions to transforming the way banks serve, engage and interact with customers by driving technological innovation. Together with DBS Omni’s revolutionary instant credit card application solution, the ability to open and use a new wealth management account completely digitally, offers customers a whole new way to efficiently and effectively manage their valuable time and investment needs.

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