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Citibank launches digital wealth solution in Singapore
Citi Plus mainly targets the country's emerging affluent, especially the younger, digitally savvy customers
The Asset 17 Sep 2022

Citibank on Saturday (September 17) launched its digital wealth solution in Singapore, targeting mainly the country’s emerging affluent population.

Citi Plus, delivered through the Citi Mobile App, offers a whole suite of digital banking tools designed to help customers save, spend, invest, get insured and build their wealth-related literacy, the bank says.

These tools include an interest booster account, which offers customers up to 2.8% interest per annum if they meet certain criteria, as well as a digital wealth platform especially designed to help customers to manage money, build wealth and achieve financial goals.

“This is our holistic digital wealth starter kit for the emerging affluent,” explains Citibank Singapore chief executive officer Brendan Carney. “Over 80% of our customers are already using our mobile app each month, so Citi Plus is a natural extension of our strategy to introduce wealth management to a younger and more digitally savvy clientele. What differentiates us is we offer the potential of banking with a global firm who can assist our customers seamlessly across various stages of their wealth journey.”

Ashmita Acharya, Citibank Singapore retail banking head, adds: “There is fast-rising demand for an engaging digital banking experience with tools to help with wealth management and investing, especially among those who grew up with messaging apps and social media. Thus, Citi Plus aims to help these individuals begin their wealth journey while providing a potential channel if they aspire to grow their wealth and progress to be Citigold clients.”

Citibank Singapore says it has been pivoting to a mobile-led model for transactional banking in recent years to enhance customer convenience. Customers can do almost 100% of all financial transactions on the mobile app, and less than 1% of all transactions take place at physical branches.

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