Retail banking in Hong Kong operates within a mature, competitive and highly regulated environment. Customer expectations around digital capability, advisory depth and product breadth have risen sharply, while market volatility and regulatory scrutiny continue to shape how banks allocate capital and design operating models. Standard Chartered Hong Kong has expanded its retail and wealth franchise in this context, with a clear emphasis on affluent clients. The business spans digital origination, hybrid advisory models and a growing wealth platform that draws on the bank’s broader international capabilities. Leading this strategy is Stephen Man, Head of Wealth and Retail Banking at Standard Chartered Hong Kong. He is responsible for the overall direction, execution discipline and performance of the retail and wealth franchise. He set out how the bank defines its target segments, how physical and digital channels are integrated, how innovation is assessed and governed, and how sustainability is measured beyond short-term performance indicators. Man focuses on strategic intent and execution choices rather than individual products, reflecting his role in shaping the overall operating model. Affluent-led growth as the core strategic anchor Man described affluent-led growth as the central pillar of the retail and wealth strategy. Rather than pursuing broad-based mass acquisition, the bank focuses on building deeper relationships with higher-value clients in Hong Kong and the Greater Bay Area. He explained that this approach reflects both economic and operational considerations. Affluent clients generate more diversified income streams, including fee-based wealth income, which supports greater stability across market cycles. Related coverage: SCBHK develops wealth operating model around scale, productivity and governance This focus has shaped how the business is structured. Client acquisition, relationship management and advisory resources are aligned around serving clients with more complex financial needs rather than maximising account volumes. Man noted that this strategy is supported by consistent growth in wealth income over recent years, which has helped rebalance the revenue mix away from purely transactional or interest-driven income. He positioned affluent-led growth not as a short-term tactical shift, but as a long-term strategic commitment aligned with the bank’s broader wealth and private banking heritage. Hybrid execution across digital and physical formats Digital capability plays a central role in the retail strategy, but Man was clear that the model is not purely digital. Instead, it is designed as a hybrid, combining digital origination and servicing with physical advisory engagement where clients value personal interaction. Related coverage: SCBHK builds a mobile-first retail operating model around engagement and trust He described how digital channels are increasingly used for onboarding, transactions and execution, while advisory conversations continue to take place through relationship managers and wealth management centres. Related coverage: SCBHK positions cards, instalments and payments as engines of flexibility and engagement This hybrid model has driven a reconfiguration of the physical footprint. Traditional street-level branch formats focused on transactions have been progressively reduced, while office-style wealth centres designed for advisory engagement have been expanded. Man explained that this shift reflects changes in client behaviour. Routine transactions are now largely digital, while physical interactions are reserved for higher-value discussions such as portfolio reviews, investment decisions and long-term planning. The objective, he said, is not to replace human interaction with technology, but to ensure that each channel is used for what it does best. Open architecture and platform-driven choice A defining feature of the retail and wealth proposition, according to Man, is open architecture. Clients are offered access to a broad range of investment solutions rather than being confined to proprietary products. He emphasised that this breadth is an intentional differentiator, allowing the bank to meet diverse client needs across different risk appetites and investment preferences. Digital platforms are central to delivering this model efficiently. Man discussed how digital execution has significantly reduced the time required to complete investment transactions compared with manual processes in the past. The Online Structured Product platform was cited as an example of how sophisticated investment products are made more accessible through digital execution, while still operating within an advisory and governance framework. At the same time, Man acknowledged that client preferences vary. Some clients choose to self-direct, while others prefer guided or discretionary approaches, and the operating model is designed to accommodate both. Innovation, digital assets and disciplined experimentation Man addressed innovation as a necessary but carefully managed dimension of the retail strategy. He noted that technologies such as digital assets, tokenisation and artificial intelligence are areas of active exploration within the bank. However, he was explicit that these initiatives are still at an incubation stage from a retail perspective. The bank evaluates potential use cases cautiously, particularly where regulatory clarity and client readiness are still evolving. He explained that while wholesale applications may develop more quickly, retail adoption requires additional safeguards, governance and client education. Artificial intelligence was discussed primarily in the context of productivity and operational support rather than as a client-facing differentiator. Man described its role in improving efficiency and effectiveness within the organisation. Across all innovation initiatives, he stressed the importance of responsible pacing, ensuring that new capabilities are introduced in a way that protects trust and regulatory standing. Measuring sustainability beyond short-term performance When discussing performance, Man framed sustainability as the primary benchmark. Rather than focusing on a single year’s results, the business assesses success through consistency over multiple years and across different market conditions. He highlighted the role of diversified income, particularly wealth-related fee income, in reducing volatility and supporting more stable performance. The operating model, he explained, is designed to scale without proportionally increasing complexity or risk. Digital execution, hybrid advisory and platform-based delivery all contribute to this objective. Related coverage: SCBHK rebalances deposit growth, pricing and productivity amid rate volatility Risk awareness remains embedded in decision-making, particularly as the bank expands into new products and technologies. Innovation is pursued with clear governance structures in place. Man concluded that the ultimate objective is not rapid expansion, but building a retail and wealth franchise that can perform consistently and responsibly over time. Balancing scale, productivity and governance Man’s articulation of the retail and wealth strategy reflects a deliberate balance between growth and discipline. Affluent-led expansion provides economic scale, while hybrid execution ensures that efficiency gains do not undermine client relationships. Digital platforms extend reach and productivity, but advisory engagement remains central where complexity and trust matter most. Open architecture broadens client choice without constraining execution flexibility. Innovation is approached as a long-term capability rather than a short-term race. Emerging areas such as digital assets and artificial intelligence are explored within controlled frameworks rather than pushed prematurely to market. Across all dimensions, sustainability is defined by consistency, resilience and governance. Growth, in this context, is measured not only by expansion, but by the ability to perform reliably across cycles.
