Hong Kong's Hang Seng Bank is looking to entice novice investors with an in-app fund investment service offering a minimum investment amount of just HK$1.
Developed in collaboration with Hang Seng's younger employees and the technology team, 'SimplyFund aims to make smart investing easier for beginners by eliminating the most commonly cited obstacles to getting started, such as the overwhelming number of funds available, high investment fees and unachievable investment thresholds
With a minimum investment amount of just HK$1, fund subscription fees as low as HK$0, and simple packaging of funds into broad geographical areas, the app guides users through the investment journey and provides educational support to aid well-informed decision-making.
Margaret Kwan, executive director and head of wealth and personal banking at Hang Seng Bank, says: “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. Our young banking talent and our digital banking team worked hand-in-hand on the project to open up the possibilities of long-term wealth management to a broader clientele.”