HSBC, a significant player in the financial industry, is setting its sights on cryptocurrency. With over $600 billion in assets under management, the UK-based Bank is poised to impact the crypto space. Moreover, the Bank’s move into cryptocurrency indicates the growing acceptance and interest in the technology.
The Bank is filling positions, including a Product Director, to focus on tokenisation applications to start crypto ventures. Notably, the worldwide financial institution is actively hiring for various roles in the cryptocurrency industry.
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The Bank Stated:
“Because Digital Assets is a new topic and strategic & risk appetite considerations are evolving quickly, the Head of Tokenisation will be required to make complex business and project decisions, that contribute to a high value, strategic initiative.”
Job Opening At HSBC:
The Bank made a job opening on January 30, 2023, for the subject appointment. HSBC is searching for a Product Manager to advance its digital assets strategy, including tokenisation, custody solutions, and indirect digital asset products. Furthermore, the Bank is committed to spearheading the digital assets agenda.
The Bank states that expertise in Private Banking and Wealth Management is necessary. It hints at the possibility of introducing a new realm of Digital Assets for the Private Banking and Wealth division.
The Planned Target Market
The Bank will likely target high-net-worth clients, as shown by a recent deVere Group survey. Moreover, the survey revealed that 82% of clients with £1m to £5m in investable assets sought advice on cryptocurrencies. deVere Group manages $10 billion in assets and serves 80,000 clients.
Nigel Green, the CEO of deVere Group, speaks:
“Wealthy investors understand that digital currencies are the future of money, and they don’t want to be left in the past.”
Several banks have started offering cryptocurrency products in response to growing demand from high-net-worth clients. Moreover, JP Morgan is among the financial institutions recognizing the trend and taking action to meet clients’ needs. This move highlights the increasing interest in digital assets and the traditional banks embracing this new technology.
Job Role Purpose:
HSBC seeks a leader to concentrate on tokenizing assets, a crucial aspect of its GPB&W Digital Assets offering. Tokenisation Head will report to the Global Head of Digital Assets, GPB&W, and the Head of HSBC Open.
The head of Tokenisation will make crucial business decisions related to the rapidly evolving Digital Assets sector. In Addition, this individual must be able to navigate complex considerations and contribute to the strategic initiative in Digital Assets.