On Tuesday, DBS TD Waterhouse announced that it has launched an online brokerage operation in Hong Kong, despite the fact that investors there are seemingly reluctant to trade online, and major international brokers such as Charles Schwab are in the process of closing their operations in the SAR.
A survey conducted in October revealed that a mere 10% of respondents had ever traded online, which is a worrying indication of a fairly low level of computer literacy among the investing community. However despite this, DBS TD Waterhouse - which was formed last year as a joint venture between the Singapore financial giant, DBS Group, and the retail brokerage TD Waterhouse - is optimistic about the future of the venture.
'We have two partners with deep pockets who want to build the largest player in the Asian market,' Chief Executive Officer Ian Struther explained at a news conference earlier this week. 'We are a long term player, and we feel we have the best business model.'
Mr Struthers explained that the skill, experience, and knowledge of the retail brokerage market held by TD Waterhouse would help the new HK-based venture build a large customer base, and succeed where others have failed.
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