Citibank has officially launched its digital wealth offering Citi Plus in Hong Kong, after a pilot launch last December.
The new offering aims to serve digital natives via mobile banking, offering then tailored wealth management data and knowledge kits to accumulate their wealth.
It provides a range of investment products to clients including stocks, money market funds and mutual funds primarily from Aberdeen Standard Investments, Allianz Global Investors as well as Franklin Templeton. The investment threshold is low.
Citi Plus also offers a series of financial wellness modules to educate clients about money management decisions, build wealth and meet financial goals, and drive wealth inclusion.
At the same time, it provides features to engage clients and help them level-up along their financial endeavour.
Clients are offered the Citi Plus Debit Mastercard and Citi Plus Credit Card, through which they can earn rewards.
Citibank Hong Kong consumer business manager Lawrence Lam said: “Citibank Hong Kong has shown strong determination in the development of digital banking in recent years. Citi Plus® is our latest initiative to bring digital natives a banking experience they admire.
“Millennials were invited to participate in research and the co-creation process, through which we could better address target clients’ pain points, and help them grow their wealth via the new service.”
In September 2020, Citi unveiled plans to launch its largest wealth advisory hub in Singapore to serve its Citigold and Citigold Private Client customers.
The move is part of the bank’s plan to achieve a double-digit growth in wealth market share.
In the same month, a Chinese unit of Citi received a domestic fund custody licence in China, becoming the first US bank to do so.