Bank of China (BOC), a state-owned commercial bank in China, has launched its wealth management operations in Malaysia, xinhuanet reported.
The Malaysia arm of BOC is said to be the first among the banking group’s Southeast Asia units to offer the service.
Go deeper with GlobalData
The service is targeted at HNWIs in Malaysia.
Customers will be offered tailored wealth management advice, along with special interest rates for deposits and loan foreign currency exchange, according to the report.
The report quoted BOC Hong Kong deputy CEO Kung Yeung Yun Chi as saying: “Today’s banking service looks nothing like it did decades ago. Digital platforms are radically changing the way services are being delivered.
“In response to this transformation, we are actively redefining the digital agenda to continuously enhance customers experience throughout the region, while maintaining the special human touch that most customers still value when it comes to managing their wealth.”
Meanwhile, Bank of China recently announced the creation of a wealth management unit in China.
The move made the bank the first of the ‘big four’ Chinese state-run lenders to do so.
The bank, along with Bank of Communications, Agricultural Bank of China, Construction Bank of China and ICBC recently received the go-ahead from the China Banking and Insurance Regulatory Commission (CBIRC) to set up wealth management subsidiaries.
This followed CBIRC’s decision to allow domestic commercial banks to invest directly in Chinese shares.
