The latest news in investment offerings, financial products and other services relative to wealth advisors and their clients.

HSBC
HSBC’s Singapore business has brought out a travel card as part of its wealth and personal banking offering and to tap into an expected post-pandemic travel surge. 

The new HSBC TravelOne credit card is tailored for “travel enthusiasts,” HSBC said in a statement last week. The offering is being rolled out in partnership with Mastercard and powered by Mastercard Reward System and Ascenda. It offers rewards redemptions with international airlines and hotel partners via the HSBC Singapore mobile application.

HSBC said it is the first such lender in Singapore to offer customers the ability to instantly redeem their card reward points via their mobile.

“South Asia’s economies continue to grow, with increased consumer demand for travel and leisure, following the pandemic,” Nuno Matos, chief executive, wealth and personal banking, said.

At the launch, nine international airlines were included in the offering: Air France – KLM Flying Blue; airasia rewards; British Airways Executive Club; Cathay Pacific Air Miles; Etihad Guest; EVA Air Infinity MileageLands; Qantas Frequent Flyer; Singapore Airlines KrisFlyer; and Vietnam Airlines Lotusmiles. The hotel participants are ALL-Accor Live Limitless; IHG One Rewards, Marriott Bonvoy. Primary cardholders are entitled to four complimentary visits per year to cover more than 1,300 airport lounges, and complimentary travel insurance coverage of up to $100,000 for the policyholder and the family. There is also a points system linked to mileage and purchase in Singapore, and purchases overseas.

“We are seeing a resurgence in overseas travel by our customers from Singapore who, post-pandemic, are embracing the freedom to travel again,” Ashmita Acharya, head of wealth and personal banking, HSBC Singapore, said. “Credit cards continue to be valued by customers travelling internationally, and the HSBC TravelOne credit card allows customers to easily redeem travel rewards and manage their payments flexibly all from the convenience of the HSBC mobile banking app.”