Asia: DBS aims to grow private banking market in Taiwan

DBS Bank Taiwan acquisition of Australia and New Zealand Banking Group’s (ANZ) Asian retail and wealth management businesses last year has bolstered its position in the Taiwanese private banking landscape.

Taiwan is currently the third market that the bank offers its DBS Treasures private client services. As part of its continuing effort to grow their private banking market in Taiwan, DBS bank Taiwan recently opened a branch in Taiwan’s Xinyi District targeted at servicing clients with NT$30 million in assets.

The branch will extend financial services, travel privileges and customized financial planning to its customers. DBS Bank Taiwan managing director Lim Him-Chuan also said that the bank will also push ahead with digitalization having gained significant headway in wealth management and innovation.

The bank plans to launch iWealth in Taiwan next year. iWealth is an all-in-one banking and wealth management platform that would especially benefit the affluent in Taiwan since, on average, 80% of affluent Taiwanese typically uses digital banking channels to conduct their banking activities based on RFi data.

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