Citi Hong Kong unveils new wealth feature via HKMA data-sharing pilot

Banking group Citi Hong Kong has launched a digital wealth management feature called ‘Wealth 360’ on the Citi Mobile App, through the Hong Kong Monetary Authority’s (HKMA’s) Interbank Account Data Sharing (IADS) pilot programme.

The new feature gives users of the app real-time access to a range of wealth management functions, including an interbank account overview, monthly cash flow reports, spending insights, personalised financial insights and a carbon footprint overview.

The feature has been rolled out initially to selected client segments, with a view to gradually expanding to include the entire customer base.

HKMA launched the IADS pilot at the start of 2024, with the participation of 28 banks.

The IADS initiative allows customers to share their bank account data with other banks “securely and efficiently”, subject to customer consent.

Citi’s ‘Wealth 360’ will give customers the option, via an API, to link their deposit accounts at other banks on the Citi Mobile App so that they can view account availability, status, balance and transactions.

Another feature of ‘Wealth 360’ is its carbon footprint overview, which calculates the carbon emissions generated in different categories, covering both an individual’s credit card transactions and spending across savings accounts, in a bid to encourage “green spending”.

The carbon footprint that is displayed is based on customers’ spending amounts and the average carbon emissions associated with each merchant in the spending categories.

Sarah O, head of digital growth at Citibank Hong Kong, said: “By harnessing the transformative power of Open Banking, Wealth 360 empowers our customers to have a holistic overview of wealth portfolio and take charge of their financial wellbeing.”

She said that Citi had been working to “elevate” its customers’ digital experience with the launch of more personalised digital platforms and services.

“This is why we are delighted to be one of the first retail banks in Hong Kong to participate in the IADS pilot program,” she added.

“At the forefront of digital innovation, Citi is also one of the first banks in Hong Kong to have participated in the HKMA’s Open API Framework in 2017, leveraging cross-sector collaboration to provide a wide range of technology-driven banking services.”