HSBC has launched an improved fund administration solution for Asia-based insurance companies, after onboarding HSBC Life, its Hong Kong insurance business.
The securities services division is now providing accounting, valuation and other administration services to HSBC Life as part of its enhancement in fund administration capabilities.
According to HSBC, over $56 billion of assets under administration was on-boarded with more scheduled across Hong Kong and Singapore.
Edward Turner, global product head, insurance sector, securities services at HSBC, explained: “This partnership with HSBC Life enhanced our insurance securities services offering, providing a robust and scalable solution that meets the complex accounting and data needs of our insurance clients.”
Turner continued: “We have seen an increasing demand from our insurance clients to outsource back and middle office functions over the last 12 months. We expect this trend to continue as the pace of change rises across accounting standards and regulation with focus on new asset classes and improving operating models. With our specialist securities services, our insurance clients can improve their operating model, reduce costs and become more flexible.”
“The implementation of this end-to-end solution has brought HSBC Life towards a best-in-class set of processes for our fund administration and asset accounting. The automation is already enabling a timelier provision of data to support strategic decision making as well as streamlining our management and financial reporting considerably,” added Omar Malik, chief financial officer of HSBC Life Hong Kong.
Also in Hong Kong, HSBC just last month gained a new securities services mandate and was appointed trustee, custodian and fund administrator for the first two exchange-traded funds in Hong Kong under the cross-listing scheme between Hong Kong and mainland China.