HSBC Singapore launched a new coverage division to support the mid-sized Non-Bank Financial Institutions (NBFI) sector. The new division will provide banking capabilities to the expanding ecosystem underpinning Singapore’s growing status as a wealth and investment hub, including funds, the insurance industry, and payment providers.

Concurrently, the bank announced the appointment of Amanda Jooma as Head of NBFI Coverage, Singapore. Jooma joined HSBC UK in 2017, latterly leading the UK’s NBFI team. She brings over 11 years of experience as a coverage banker across the whole financial institutions sector, covering Banks, Funds, Alternative Finance Companies, Broker-Dealers, and Asset Managers during her career.

With a rapidly growing Ultra High Net Worth and Family Office segment, the Republic is now a top-three offshore wealth booking center globally, managing USD1.1 trillion personal wealth.1. Simultaneously, Singapore is becoming a Global-Asia Pacific fund gateway for institutional wealth:

Commenting on the appointment, Alan Turner, Head of Commercial Banking HSBC Singapore, said: “Despite all economic factors, Singapore’s allure as a wealth and investment hub has not waned and as it continues to grow, so will the ecosystem surrounding it. Leveraging Amanda’s proven experience combined with HSBC’s global network and holistic product offering, we are well placed to support the complex and often varying needs of NBFIs.”