The Full form of HSBC is Hongkong and Shanghai Banking Corporation. It is one of the International banks that found its roots in 1853 in India. Initially, HSBC established the Mercantile Bank in Mumbai to cater to the merchants’ needs of the China coast, Europe, and the US.
It had its initial set-up in Mumbai, but later, in 1855, it expanded to other regions – Colombo, Calcutta, Singapore, London, Kandy, Madras, and Canton. The bank played a significant part in developing a rigorous banking system. Currently, it serves more than 40 million customers across the globe.
It has a presence in 64 countries and territories of Asia, Latin America, North America, Europe, The Middle East, and Africa.
A glimpse about the HSBC services:
It provides services ranging from small enterprises to big organizations. It has a presence in 53 countries and looks into the following matters:
- Trade and Receivable Finance – It assists the buyers and sellers manage their working capital and managing risk effectively.
- Liquidity and Cash management help businesses gain better control over the cash and collections and enable smooth transactions between countries.
- Market and Securities Services offers the following services – foreign rates, credits, and equities.
- Insurance and Investments – the bank strives to offer corporate wealth management, employee benefits, and trade insurance.
Global Banking and Markets
It offers the following services:
- It provides services in foreign exchange, money market, credits, and rates.
- It provides banking and finance solutions and leveraged acquisition finance.
- It also assists customers in fund administration and loan, global and direct custody.
- It offers accessible trade services, cash management, and global liquidity.
- It provides various research services like company coverage, trade ideas, and investment strategies.
- It possesses the knowledge of local and international markets; hence it can offer 24-hour coverage services.
Some of the reforms that the bank has implemented:
- Regulatory Disclosure – Regulatory Disclosure aims to bring transparency to the financial market.
- Alternative Investment Funds Directive – It offered a coherent approach against the risk to the investors in the European Union.
- Central Securities Depositories Regulation – It helps manage the securities accounts record to ensure the safety of transactions.
- Deposit Guarantee Scheme Directive – This reform aims to provide safety to the depositors.
- Dodd-Frank Act – the implementation of the Dodd-Frank Act reduced the systematic risk, strengthened the market integrity, and increased transparency.
- FICC Market Standards Board – The purpose is to enhance the global wholesale market standards for better transparency and efficiency.
The customer can avail of banking services from any location and anytime hassle-free. Internet banking services allow users to have services like funds transfer, utility bill payment, viewing e-statements, and many more.
New features in online banking
Digital secure key
The entire process has become more secure. Now people don’t have to use physical security devices. The user now only has to activate a secure digital key that provides better security if the transaction requires higher authentication.
Increase in transfer limit
Earlier, the third-party transfer limit was INR 1,500,000, but effective on 27 March 2020, the bank raised the limit to INR 3,000,000.
HSBC Asset Management
A glimpse of the HSBC asset management
- The asset management service has a presence in 25 countries and territories.
- USD 640 billion is under the management of the bank.
- It has around 600 investment professionals.
- It has the experience of more than 150 years in serving the financial market.
Wealth and Personal Banking
It includes the following services.
Personal banking services include loan and saving products, current accounts, and key markets across the globe.
The bank provides the relationship manager to the HSBC Premier customer. They ensure access to better services like travel assistance and telephone banking anywhere.
It fulfills the banking needs of high-worth clients by providing them with a financial specialist who could assist them in areas like advanced wealth management solutions and tailored services.
Global Private Banking
It helps elite customers in wealth planning, family governance, and alternative investments.
It advises the client on wealth management according to the customer’s needs. It helps them grow and protect their finances by offering well-managed investment opportunities.
It gives the user details of global banking and offers a wide range of financial solutions to increase productivity and manage the cash flow.
- It keeps track of all the payments.
- It provides end-to-end security.
- It offers global cash management, securities, supply chain, and global market solutions.
- It has an advanced and automated enhancement, which eliminates the need for software updates.