The firm, which operates a private bank, is to hire about 800 employees catering to this market segment, the report said, over a timeframe lasting for the next 12 to 18 months, the report said.

"Most focus so far has been on high-net worth individuals and the affluent who are private banking or priority banking targets... yet, emerging affluent is the fastest growing (segment) in the affluent space and the absolute size is significantly larger," Foo Mee Har, global head of premium banking at Standard Chartered, was quoted saying in an interview.

The report said that StanChart’s “preferred banking” service was officially launched in Singapore last week. More openings are scheduled in the next two years across the region.