Asia: Standard Chartered to expand its product by offering Premium Banking in Asia

Standard Chartered recently announced its plan to roll out a new banking account, Standard Chartered Premium Banking across Asian markets this year.

The product is aimed to reach the emerging affluent in Asia who is earning enough to start investing and will offer benefits such as lifestyle, access to the financial advisor, as well as travel privileges.

Standard Chartered Premium Banking was initially launched in India in the mid-last year and the bank has seen positive responses.

According to the bank, the emerging affluent customers are looking for a convenient way to the bank and are willing to save to achieve their life goals.

Based on its success in India, Standard Chartered is planning to roll out this product in ten other markets in Asia with details on the proposed roll-out still under internal discussion and review.

According to RFi Group data from Priority Banking Council, the preference to open a priority account among the emerging affluent banked customers ranges from 10% to 35% across select markets in Asia, with the emerging affluent segment in India have the strongest interest.

The emerging affluent will likely welcome the launch of Standard Chartered Premium Banking.

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