PT Bank DBS Indonesia (DBS Indonesia), a part of the Singapore-based DBS Group, is reportedly planning to expand its wealth management business next year by launching a new currency linked investment product.

The Jakarta Post quoted the bank’s wealth management head, Widrawan Hindrawan, saying that the currency linked investment (CLI) in renminbi, which was launched last month, provides higher yield potential for customers.

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CLI Renminbi has been designed to primarily target priority banking customers with a minimum cash balance of INR5bn ($637.2m) per person.

Hindrawan added that the product is thought to be high risk yet very profitable due to the renminbi’s volatility against the US dollar.

Meantime, the bank expects to boost the number of DBS Indonesia’s priority banking customers to around 10-15% next year.

"The increase in Indonesia’s exports and imports with China as well as the rising popularity of the renminbi has boosted demand for this investment product from our high-net worth customers," Hindrawan said.

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The total transactions for the product reached almost INR1trn since the time of its launch.

The bank’s wealth arm has reported a 16.88% rise in assets under management to around INR7TRN as of November 2014, while treasury products have accounted to more than one-third of DBS Indonesia’s revenue from its wealth management business.

"The majority of our priority banking customers have benefitted from wealth management products, especially treasury ones. On average, a banking customer in Indonesia has at least three accounts in different banks. We categorize these kinds of people as qualified-eligible clients," Hindrawan added.