Hang Seng Bank : Tailors Solutions to Assist Young and Novice Investors to Manage and Grow Wealth ‘SimplyFund’ Launched to Try Out Fund Investment from Just HK$1

7 July 2020

Hang Seng Tailors Solutions to Assist Young and Novice Investors to Manage and Grow Wealth

'SimplyFund' Launched to Try Out Fund Investment from Just HK$1

Hang Seng is helping young customers and novice investors to explore fund investment as a way to grow their money for the future with a new 'SimplyFund' in-app investment service. 'SimplyFund' makes smart investing easier for beginner investors by eliminating the most commonly cited obstacles to getting started.

A Hang Seng survey of around 500 Hong Kong people aged between 18 and 35 identified four main difficulties that keep them from venturing into fund investments:

• 1. Overwhelming number of funds available;

• 2. High fund management fees;

• 3. Do not understand how mutual funds work; and

4. High investment threshold.

'SimplyFund' addresses these difficulties with an easy-to-use interface, clear and simple product information, and an emphasis on promoting improved financial literacy. In addition, the minimum investment amount is just HK$1 and fund subscription fees are as low as HK$0, meaning beginner investors can take their first steps to learn about mutual funds and try out fund investment in a low-cost, low-stress environment.

'SimplyFund' offers a range of mutual funds that have been carefully selected by Hang Seng's team of in-house fund experts. The common fund types such as equity, bond and balanced funds are all represented. There is clear information on the different geographical focuses of the funds - for example, China market, Hong Kong market or global market. The simple classification of the available funds not only makes it easier for young and new investors to select the funds that best suit their needs, but also allows them to create a well-diversified portfolio.

more…

Hang Seng Tailors Solutions to Assist Young and Novice Investors to Manage and Grow Wealth / 2

The 'SimplyFund' investment service design is minimalistic. It guides users smoothly through the investment journey and provides educational support in addition to all the fund information customers need to make well-informed investment decisions. Together with fun facts about investment, the latest market news and fund selector tools, 'SimplyFund' aims to make it easy and affordable for young customers to begin investing for the future and gain a better understanding of smart and sustainable wealth management.

Margaret Kwan, Executive Director and Head of Wealth and Personal Banking at Hang Seng Bank, said: "Whatever our customers' aspirations in life, Hang Seng is committed to providing tailored financial and wealth management solutions and services that help them to achieve their goals. Our 'SimplyFund' service has been specifically designed to be easy, low stress and cost effective for young people and novice investors. In developing the service, we tapped into the knowledge base of our young colleagues who provided valuable input into the investment needs and preferences of their peers. Indeed, 'SimplyFund' is the product of a close collaboration between our young banking talent and our digital banking team who worked hand-in-hand on the project to open up the possibilities of long-term wealth management to a broader clientele."

Earlier this year, Hang Seng launched 'Savings Planner', an innovative in-app savings and budgeting tool that aims to help customers develop good saving habits by setting specific goals. 'Savings Planner' makes it easier and more convenient for customers to monitor their spending by automatically tracking and consolidating their bank and credit card account transactions, while also updating them on their savings progress. Together, 'Savings Planner' and 'SimplyFund', aim to help younger customers to establish and maintain good financial planning practices and make smart wealth management decisions. More new services and products are in the pipeline to further advance Hang Seng's support and offerings for younger customers.

# END #

Hang Seng Tailors Solutions Assisting Young and Novice Investors to Manage and Grow Wealth / 3

Photo Caption

Photo 1

Rosita Lee, Head of Investment Products and Advisory Business at Hang Seng Bank (centre), pictured with two of the young developers of the Bank's new 'SimplyFund' in-app investment service, Gary Ng (left) and Candy Woo (right), shares how the Bank helps young customers and novice investors to explore fund investment as a way to grow their money for the future.

Hang Seng Tailors Solutions Assisting Young and Novice Investors to Manage and Grow Wealth / 4

Photo 2

Addressing pain points of young customers and novice investors, 'SimplyFund' has a minimalistic design. This investment service guides users smoothly through their investment journey and provides educational support in addition to all the fund information customers need to make well-informed investment decisions.

Hang Seng Tailors Solutions Assisting Young and Novice Investors to Manage and Grow Wealth / 5

Photo 3

The minimum investment amount of 'SimplyFund' investment service is just HK$1, and fund subscription fees are as low as HK$0, enabling beginner investors to take their first steps to learn about mutual funds and try out fund investment in a low-cost, low-stress environment.