As online trading of Hong Kong stocks takes off, Charles Schwab has announced the opening of its first branch in Hong Kong in order to better serve its investment and trading customers.
Schwab is initially targeting Hong Kong investors wanting to trade US stocks, but forecasts that its Asian business will grow "tremendously" once it will be able to offer Hong Kong stocks over the Internet, according to Christina Hui, Schwab's regional general manager for Asia: 'Trading of Hong Kong stocks will account for a major portion of our business in the future,' she said.
Charles Schwab is among the first 40 brokers that will be able to provide online trading in local stocks once this feature is added to the Hong Kong Stock Exchange's new electronic trading system within the next couple of months. The first stage of the new platform, called AMS/3, was launched on Monday, but additional features will be added step by step over the next three months.
Charles Schwab undoubtedly has the experience to help attract customers in Hong Kong's online trading market, having provided online trading in the US for a decade, and the SAR's online trading market is expected to become very competitive once AMS/3 is fully in place. According to Larry Yu, senior vice president of Charles Schwab and head of the Asia Pacific Services Division, Asia's investors are fewer in number but twice as active as US investors.
The new Hong Kong branch is offering a combination of physical services and electronic access to shares. Hong Kong customers will be able to meet with investment specialists, open new accounts and deposit funds or share certificates, and access information both in print and by using high-speed customer terminals. Moreover, Charles Schwab also plans to open its first Asian call centre in Hong Kong by the end of this year. Ms Hui commented: 'The winners will be those who can seamlessly combine the physical world with the cyberworld.'
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