https://www.scmp.com/rss/501994/feed en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com HSBC Holdings is set to debut an international payments app aimed at directly challenging the dominance of fintechs like Revolut and Wise that have gathered tens of millions of retail customers by offering cheap foreign exchange. Zing will initially be offered in the UK, but Europe’s largest bank is planning to roll out the service in other places in the coming months as it looks to grab a share of the fast-growing market servicing affluent consumers. The app will be available on Apple’s... https://www.scmp.com/business/banking-finance/article/3246984/hsbc-takes-revolut-wise-new-forex-app-non-customers?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3246984/hsbc-takes-revolut-wise-new-forex-app-non-customers?utm_source=rss_feed Tue, 02 Jan 2024 07:57:48 +0000 [Sponsored article] The affluent in Hong Kong are re-evaluating their financial priorities as prevailing economic challenges lead many to reconsider ways of meeting their goals for long-term wealth preservation. That is according to the “HSBC Premier 2023 Affluent Survey”, which aims to assess the financial needs and aspirations of Hong Kong’s affluent demographic, which collected responses from individuals aged between 24 and 64 years old with liquid assets of at least HK$1 million... https://www.scmp.com/presented/better-life/money/topics/banking-future/article/3238076/hong-kongs-affluent-become-millionaires-average-age-33-hsbc-premier-survey-suggests?utm_source=rss_feed https://www.scmp.com/presented/better-life/money/topics/banking-future/article/3238076/hong-kongs-affluent-become-millionaires-average-age-33-hsbc-premier-survey-suggests?utm_source=rss_feed Wed, 18 Oct 2023 04:00:08 +0000 [Sponsored article] HSBC is continuing to deliver digital innovation for clients in Hong Kong. It is one of the first banks globally to offer a fully digital Lombard lending solution through its mobile banking app. “Our clients want an increasing range of wealth solutions made available via their mobile phone,” says Ryan Haugarth, head of self-directed trading, capital market platforms and wealth financing solutions, wealth and personal banking, at HSBC in Hong Kong. “Lombard lending was... https://www.scmp.com/presented/better-life/money/topics/digital-wealth-financing/article/3220728/how-lombard-lending-helps-wealth-management-clients-stay-invested-flexible-financing-solutions?utm_source=rss_feed https://www.scmp.com/presented/better-life/money/topics/digital-wealth-financing/article/3220728/how-lombard-lending-helps-wealth-management-clients-stay-invested-flexible-financing-solutions?utm_source=rss_feed Fri, 19 May 2023 08:21:24 +0000 [Sponsored article] The perceived threshold of the middle-class demographic in Hong Kong is HK$5.9 million (US$760,000), according to the recent “HSBC Premier 2022 New Middle Class Study”. The figure reflects the evolving financial needs and aspirations of this demographic, who cite children’s education, early retirement, wealth growth and property investment among their wealth management needs. The study of Hong Kong’s middle class is the first of its kind, assessing the financial needs and... https://www.scmp.com/presented/better-life/money/topics/premier-offerings-grow-wealth/article/3199639/hongkongers-believe-they-need-hk59-million-qualify-middle-class-hsbc-study-shows?utm_source=rss_feed https://www.scmp.com/presented/better-life/money/topics/premier-offerings-grow-wealth/article/3199639/hongkongers-believe-they-need-hk59-million-qualify-middle-class-hsbc-study-shows?utm_source=rss_feed Wed, 16 Nov 2022 08:00:12 +0000 [Sponsored article] The investment landscape is becoming increasingly complex due to a combination of inflation, geopolitics and shifts in the world’s economies. High-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals and families not only wish to grow their wealth, but are also increasingly focused on preserving it. HSBC Global Private Banking (GPB) is evolving to meet these changing needs, and assist clients in passing their wealth down through the generations to ensure the long-term... https://www.scmp.com/presented/better-life/money/topics/investing-long-term-wealth/article/3198297/how-hsbc-global-private-banking-adapting-meet-changing-needs-its-clients?utm_source=rss_feed https://www.scmp.com/presented/better-life/money/topics/investing-long-term-wealth/article/3198297/how-hsbc-global-private-banking-adapting-meet-changing-needs-its-clients?utm_source=rss_feed Mon, 14 Nov 2022 03:30:08 +0000 [Sponsored article] In the Asia-Pacific, the number of high-net-worth individuals (HNWIs) – people with a net worth of at least US$1 million – and ultra-high-net-worth individuals (UHNWIs) – those with a net worth of at least US$30 million – is set to increase faster than in any other part of the world. In fact, The Wealth Report 2022, a study by Knight Frank, also found the number of billionaires in the Asia-Pacific is on the rise, with one-third of the world’s total predicted to reside in the... https://www.scmp.com/presented/better-life/money/topics/maximising-wealth/article/3190916/prudential-launches-investment?utm_source=rss_feed https://www.scmp.com/presented/better-life/money/topics/maximising-wealth/article/3190916/prudential-launches-investment?utm_source=rss_feed Fri, 02 Sep 2022 03:15:28 +0000 [Sponsored article] Investors are currently experiencing a period of heightened volatility due to global market uncertainty. High inflation, rising interest rates and economies still recovering from the impact of the Covid-19 pandemic have created a challenging investment landscape. The current volatility heightens the importance of having a well-diversified portfolio. For high-net-worth individuals (HNWIs) who hold a professional investor status, private-market assets help them achieve... https://www.scmp.com/presented/better-life/money/topics/private-market-investing/article/3184289/private-market?utm_source=rss_feed https://www.scmp.com/presented/better-life/money/topics/private-market-investing/article/3184289/private-market?utm_source=rss_feed Tue, 12 Jul 2022 04:00:25 +0000 With food and energy prices soaring in Asia, what can households and consumers do to deal with inflation? Whether it be higher grocery bills, utilities or petrol costs, most of us have been forking out extra in recent months. Across the region – from China to Hong Kong, India, Indonesia, Singapore and South Korea – inflation readings have spiked. Even the cost of household staples such as bread, eggs and meat have risen. Cheap, cheerful, coveted: why Japan is falling back in love with dollar... https://www.scmp.com/week-asia/opinion/article/3176023/save-money-house-brands-side-gigs-budget-apps-inflation-hits?utm_source=rss_feed https://www.scmp.com/week-asia/opinion/article/3176023/save-money-house-brands-side-gigs-budget-apps-inflation-hits?utm_source=rss_feed Sun, 01 May 2022 03:30:23 +0000 Would that be by cash, card or a handful of equal payments over a few months? Starrie Lee, 23, opted for the latter when she bought a computer monitor online in May. In just a few clicks, the analyst for a tech consultancy split her purchase over three instalments using Rely, a Singapore-based “Buy Now, Pay Later” (BNPL) service. Lee is scheduled to pay off her roughly S$500 (US$380) bill in July. “As someone who does strict budgeting on my monthly expenses, using BNPL gives me more flexibility... https://www.scmp.com/news/asia/southeast-asia/article/3137356/singapore-officials-fret-gen-z-consumers-take-buy-now-pay?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3137356/singapore-officials-fret-gen-z-consumers-take-buy-now-pay?utm_source=rss_feed Tue, 15 Jun 2021 10:00:00 +0000 There’s whisky. And then there’s rare whisky – one of the world’s hottest luxury assets that private equity whisky fund Rare Single Malts hopes wealthy Hong Kong investors can develop a taste for as a hedge against global economic uncertainties. Rare Single Malts aims to raise a total £20 million (US$24.88 million) in capital in Hong Kong and select other cities around the world, which it will then use to buy limited, rare and vintage whisky bottles, collections and casks. The fund is targeting... https://www.scmp.com/business/article/3090886/will-hong-kongs-wealthy-investors-develop-taste-rare-whisky-private-equity?utm_source=rss_feed https://www.scmp.com/business/article/3090886/will-hong-kongs-wealthy-investors-develop-taste-rare-whisky-private-equity?utm_source=rss_feed Sun, 28 Jun 2020 04:00:18 +0000 Ebay can be pretty overwhelming for a browsing shopper, let alone for one who is trying to make a specific purchase. Click into the site, and you’re instantly bombarded by several offers of the day and more, leaving you with an overwhelming variety of options. In the midst of this jam-packed marketplace, how can you become a visible and successful seller? Here are four tips to help you find a buyer and convince them your items are worth the price 1. Make it easy for the buyer First and foremost,... https://www.scmp.com/better-life/money/article/3074089/how-get-better-price-what-youre-selling-ebay?utm_source=rss_feed https://www.scmp.com/better-life/money/article/3074089/how-get-better-price-what-youre-selling-ebay?utm_source=rss_feed Mon, 23 Mar 2020 00:00:08 +0000 Capitalism: it’s the economic structure that governs our society. When we think of it, vague words like “credit” and “free market” probably come to mind, as well as a few more sinister ones like “greed” and “exploitation”. It’s not all bad; after all, credit is what allows us to invest in new medicine and technology. But at its core, capitalism is a system that puts the economic growth above everything else, including – as we’ve seen all too vividly in recent years – the future of our planet.... https://www.scmp.com/better-life/money/article/3050936/how-live-less-capitalist-life?utm_source=rss_feed https://www.scmp.com/better-life/money/article/3050936/how-live-less-capitalist-life?utm_source=rss_feed Tue, 18 Feb 2020 12:00:13 +0000 The rush you feel when you receive your first paycheque is pretty great. Independence, power, freedom, all because you’ve earned wages, all on your ownsome. But it can also be very easy to fall into bad spending habits once you’re solely in charge of your finances. If you want to end up wealthy one day, it’s crucial to keep your spending in check. Many millionaires say the secret to building wealth is living below your means. But it’s not always easy to manage if you have a below-average income,... https://www.scmp.com/better-life/money/article/3048106/7-signs-youre-spending-way-too-much-money?utm_source=rss_feed https://www.scmp.com/better-life/money/article/3048106/7-signs-youre-spending-way-too-much-money?utm_source=rss_feed Thu, 30 Jan 2020 00:00:14 +0000 If you need some advice on managing your money, and ensuring a financially secure future, a financial planner can offer objective money advice. But you don’t have to wait until you’re in a full-time job to get good at managing your wealth – or lack thereof. Developing good habits in your late teens and early 20s will give you the skills to protect your assets later in life. Here are five top tips from certified financial planners on how to make the most of your money, and get on the right track... https://www.scmp.com/better-life/money/article/3045174/5-financial-planning-tips-professionals?utm_source=rss_feed https://www.scmp.com/better-life/money/article/3045174/5-financial-planning-tips-professionals?utm_source=rss_feed Thu, 09 Jan 2020 00:00:09 +0000 Have you made a list of New Year’s resolutions for 2020 yet? If you’re like most people, no matter how good your intentions are when you establish them, it’s likely those resolutions won’t last, because it’s tough to get changes to stick. People fall into the same traps year after year. Whether they decide to lose weight, pay off debt, or get organised, they declare that they’re finally going to do something different in the coming year. Yet, despite their efforts, most of them feel discouraged... https://www.scmp.com/better-life/how/article/3043973/5-reasons-why-you-dont-stick-your-new-years-resolutions?utm_source=rss_feed https://www.scmp.com/better-life/how/article/3043973/5-reasons-why-you-dont-stick-your-new-years-resolutions?utm_source=rss_feed Mon, 30 Dec 2019 22:30:10 +0000 Tis the season, and all that, but Christmas can be an expensive time of year if you're a student, or only recently started working. If you’re low on funds but still want to give your loved ones something to show them you care, here are five fantastic free gifts that are sure to put a smile on their face. Christmas time capsule  Time capsules are usually filled with present-day items, such as photos, newspapers, and letters, then buried, with instructions on when they should be opened years... https://www.scmp.com/better-life/money/article/3028190/5-ideas-christmas-gifts-ideas-show-how-much-you-care-and-are-free?utm_source=rss_feed https://www.scmp.com/better-life/money/article/3028190/5-ideas-christmas-gifts-ideas-show-how-much-you-care-and-are-free?utm_source=rss_feed Sat, 07 Dec 2019 01:00:14 +0000 Not every child has an imaginary friend, spent every waking moment on their bike, or established complex back-stories for their stuffed animals. I was one of those kids who liked thinking about ways to make money. While others daydreamed about flying to the moon and being superheroes in alternate universes, I played “store” with my cousins. At the risk of sounding boring, all I really wanted was a job so I could have my own money. I looked forward to school fundraisers, and worked hard at... https://www.scmp.com/better-life/money/article/3039565/5-business-lessons-i-learned-selling-candy-kid-are-still-useful?utm_source=rss_feed https://www.scmp.com/better-life/money/article/3039565/5-business-lessons-i-learned-selling-candy-kid-are-still-useful?utm_source=rss_feed Mon, 02 Dec 2019 00:00:13 +0000 Money is a utility that, in its best form, is meant to improve our lives. As such, there are a few times where a product, service, or experience is worth the additional cost (as long as you’re not slipping into credit card debt because of it). For example, you’re better off spending money on a life insurance policy to protect your family than not having one at all; paying a professional for help with your money if you’re paralysed by indecision; and yes, buying the latte if it’s something you... https://www.scmp.com/better-life/money/article/3038509/7-times-youre-better-spending-saving?utm_source=rss_feed https://www.scmp.com/better-life/money/article/3038509/7-times-youre-better-spending-saving?utm_source=rss_feed Wed, 20 Nov 2019 10:00:15 +0000 Aggressively limiting your spending is kind of like dieting – at some point, you’re going to overindulge and blow all the progress you made. Instead of saying no to every single “indulgence”, a financial counsellor says it’s better to say yes once in a while and let yourself enjoy your money. Don’t toss your budget, though – it’s still important to track your money, save, and spend within your limits. Consider giving yourself a monthly budget for “fun money” so you don’t feel overly... https://www.scmp.com/better-life/money/article/3033205/best-way-save-money-set-spending-limits-allowing-occasional?utm_source=rss_feed https://www.scmp.com/better-life/money/article/3033205/best-way-save-money-set-spending-limits-allowing-occasional?utm_source=rss_feed Thu, 17 Oct 2019 00:00:13 +0000 The 411: cryptocurrencies are a kind of digital money. So often, investing and finance is seen as being the realm of experienced Wall Street veterans. But when it comes to this newer form of finance, younger people are leading the charge. We spoke to 17-year-old former cryptocurrency investor Patrick Cho, and Maxine Ryan, the co-founder of money transfer platform Bitspark, to find out why young people are so hooked on the idea of digital currencies. Patrick first broke into the cryptocurrency... https://www.scmp.com/better-life/money/article/3027327/beginners-guide-cryptocurrency-bitcoin-and-blockchain-and-how-you?utm_source=rss_feed https://www.scmp.com/better-life/money/article/3027327/beginners-guide-cryptocurrency-bitcoin-and-blockchain-and-how-you?utm_source=rss_feed Mon, 30 Sep 2019 02:56:40 +0000 After graduating from college, money coach Steven Donovan owed around US$98,000 in student loans and credit cards. He wasn’t focused on repaying the debt, and his credit-card balances slowly ticked up. A few years later, he financed a Mercedes-Benz, adding US$18,000 to his financial load. On a whim, Donovan moved from Chicago to Miami and soon found himself with little income to cover his monthly repayments. It was a wake-up call. “About a year into living there, I ended up getting a letter from... https://www.scmp.com/better-life/money/article/3027253/how-ditch-your-credit-card-debt-and-repay-your-student-loan-get?utm_source=rss_feed https://www.scmp.com/better-life/money/article/3027253/how-ditch-your-credit-card-debt-and-repay-your-student-loan-get?utm_source=rss_feed Mon, 30 Sep 2019 02:27:02 +0000 Everywhere you look, you're being told, directly or subliminally, to buy things: the latest Yeezys, the perfect lip liner. Caving in to the urge to splurge can not only kick us in the budget but is also bad for the planet, as we add to the mountains of waste in the world. Resistance is not futile. Here's how to go about it: Identify what you already have The first thing to do is look at what you already own. Take the time to organise your belongings into categories (i.e. put all your jeans, all... https://www.scmp.com/better-life/how/article/3027355/5-tips-help-you-shop-less-resist-buying-things-you-dont-need-and?utm_source=rss_feed https://www.scmp.com/better-life/how/article/3027355/5-tips-help-you-shop-less-resist-buying-things-you-dont-need-and?utm_source=rss_feed Mon, 30 Sep 2019 02:23:48 +0000 There are many benefits to becoming an independent adult, but suddenly being solely responsible for your money can be overwhelming. If you're not careful, and don't keep track of your spending habits, it’s very easy to get carried away. To manage your money and avoid being broke, we've got seven simple tips. 1. Put it away for a rainy day Start by putting a portion of your money aside as savings. It doesn’t have to be much; even five or 10 per cent each month will add up to a nice figure by the... https://www.scmp.com/better-life/money/article/3027321/7-money-management-tips-ensure-youll-never-be-broke?utm_source=rss_feed https://www.scmp.com/better-life/money/article/3027321/7-money-management-tips-ensure-youll-never-be-broke?utm_source=rss_feed Mon, 30 Sep 2019 02:22:25 +0000 Money, finances and banking form a huge part of becoming an independent adult. But even if you've had a cash, debit, or even credit card for a while, you might still be confused about how bank cards work. Here’s a quick guide to that most common of card, the automated teller machine (ATM) card. What is an ATM, and what can I use them for? ATMs are self-service banking machines which allow you to access your bank account without having to line up and speak to an actual person. How to invest in... https://www.scmp.com/better-life/money/article/3027328/what-atm-how-do-you-use-debit-card-it-same-credit-card?utm_source=rss_feed https://www.scmp.com/better-life/money/article/3027328/what-atm-how-do-you-use-debit-card-it-same-credit-card?utm_source=rss_feed Mon, 30 Sep 2019 02:22:24 +0000 It can be so tempting: you need a little extra cash and there seems to be an easy way to get it. Credit card companies want to turn your unused credit line into cash that you can borrow for things like a vacation or unexpected expenses. But accepting this loan offer may not be the best choice for your wallet or your credit score. Credit card loans are fast, convenient and cheaper than cash advances. But personal finance experts say the loans are still costly and can lower your credit scores,... https://www.scmp.com/better-life/money/article/3027515/credit-card-loan-right-you-consider-risks-and-alternatives-you?utm_source=rss_feed https://www.scmp.com/better-life/money/article/3027515/credit-card-loan-right-you-consider-risks-and-alternatives-you?utm_source=rss_feed Mon, 30 Sep 2019 02:22:23 +0000 You probably didn't learn a lot of financial management skills in school, and that's okay. You didn't need to know then how to shop for a mortgage, so it would have been a bit pointless. Financial rules and regulations change all the time too. But there are some internal qualities you can hone to get to grips with your financial sitch: Skepticism Think critically about the advertising, offers and advice that bombard them you every day. Look beyond surfaces to determine what’s really being sold... https://www.scmp.com/better-life/money/article/3027324/you-need-learn-these-four-essential-financial-management-skills?utm_source=rss_feed https://www.scmp.com/better-life/money/article/3027324/you-need-learn-these-four-essential-financial-management-skills?utm_source=rss_feed Mon, 30 Sep 2019 02:22:21 +0000 Just got your first bonus? Congrats! You've worked hard for it. Being flush with cash feels great. Now what? Well, first, do treat yourself a bit. Those bills are just some high production value paper if you do not spend them. But don’t blow all of it away; future-you will be thankful for the money you save and invest today. You may have heard about "interest rates" in the news. Interest is what banks pay you for depositing your money, which they then lend to other people for a higher interest... https://www.scmp.com/better-life/money/article/3027326/how-invest-stock-market-guide-beginners-little-cash-spare?utm_source=rss_feed https://www.scmp.com/better-life/money/article/3027326/how-invest-stock-market-guide-beginners-little-cash-spare?utm_source=rss_feed Mon, 30 Sep 2019 02:17:57 +0000