Phl to benefit from digital transformation — HSBC

British banking giant HSBC said the Philippines is in an exciting position to capitalize on the digital transformation because of its young and most digital savvy population.

Graham FitzGerald, HSBC Philippines president and chief executive officer, said the number of digital consumers in the Association of Southeast Asian Nations (ASEAN), including the Philippines, continuous to grow.

“HSBC has played an active role in the development of the economies and infrastructure of ASEAN countries for the past 150 years. These deep roots, and a global network that covers 90 percent of the world’s gross domestic product, trade and capital flows, mean we are well-placed to capitalize on ASEAN’s potential, and help clients capture opportunities in the region, including the Philippines,” he said.

To have the right technology, people and the ability to connect customers to these opportunities locally and internationally, will be favorable to the Philippines and the rest of ASEAN.

The leading international bank in the Philippines said that ASEAN’s buoyant growth, its increasing trade and investment flows, its inhabitants’ rising affluence and big infrastructure investment plans, present opportunities for the Philippines as these would fuel demand for financial services such as savings, insurance and asset management services, or the financing, capital raising and transaction banking services.

For one, FitzGerald said the recent inauguration of HSBC Cebu in its new location is seen as one of the major and important investments of HSBC Philippines.

“We aim to blend the best technology with the power of our people, to provide first class banking – to both our retail and corporate customers. We, in HSBC, continue to leverage our broad network that allows us to lead the way in developing technologies that create tailor-fit financial solutions for our customers, and connecting them to opportunities in the country and beyond,” FitzGerald added.

HSBC Philippines head of wholesale banking Michael Brennan said digitization is the next logical step in enhancing its products and services offering for corporate customers.

“It reduces costs and improve access to information, making trade more inclusive and accessible to corporates and consumers.”