DBS TD Waterhouse, a joint venture between Singapore's DBS Group and Canadian broker TD Waterhouse, has launched a new online brokerage operation targeting self-directed investors in Hong Kong and Asia.
The online service enables investors to trade in the Hong Kong (Mainboard & GEM board), Singapore (SGX & Sesdaq), US (NYSE, Nasdaq & Amex), Canada (TSE & CDNX), Shenzhen and Shanghai markets (China B Shares) through a single consolidated account, ONEaccount.
Customers can diversify their portfolios with other products such as mutual funds and fixed income investments. Customers may also have access to IPOs and private share placements offered in conjunction with DBS Asia Capital, the investment-banking arm of the DBS Group in Hong Kong.
Ian Struthers, CEO of DBS TD Waterhouse, says: "We believe there is a large market of financially-savvy investors who are keen to invest in the global markets and manage their own portfolios."
The service offers investors a range of independent research and up-to-date financial and market news from firms including Zacks, Briefing.com, Reuters and DBS Vickers Securities Research. Customers will also have charting and asset allocation tools at their disposal.
An investment service centre offering investors advice with their trades or requests and other account queries, will be available 24 hours a day, Mondays to Fridays, and up to 4pm on Saturdays.
Greg Seow, chairman of DBS TD Waterhouse, says the Hong Kong service will be followed shortly by the launch of a similar offering in Singapore.
The two companies have invested $20 million in the venture, but will be competing in a saturated market. The Hong Kong launch comes less than a month after JP Morgan Chase and Hong Kong telco Pacific Century Cyberworks pulled the plug on their online brokerage joint venture 2Cube, and follows the withdrawal of Charles Schwab from crowded Asian markets.