The Citi Global Wealth ULTIMA card is brought to market as spending by the bank’s extremely wealthy clientele continues to exceed pre-pandemic levels.
Spending increased 56% in Singapore and 36% in Hong Kong during the first half of this year in comparison to the same period in 2019.
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Shopping, dining, and travel were the top three spend categories across both markets.
Ultra-high net worth consumers sought out more experiences for themselves and their loved ones, notably in travel, as well as devote quality time in wellness, according to studies Citi commissioned in Hong Kong and Singapore.
In addition, the card offers tailored travel and lifestyle experiences, wellness features, and rewards as well as distinct advantages, taking into account the spending propensity and changing preferences of this client segment.
Lifestyle relationship managers are also available to assist with the use of the card.
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By GlobalDataThrough Singapore and Hong Kong, the bank’s integrated wealth management platform, Citi Global Wealth, serves clients in Asia throughout the wealth spectrum.
Regional credit card franchise Citi, Citigold and Citigold private client services, international personal bank, Citi private bank, and Citi’s consumer banking business in Singapore and Hong Kong are just a few of the company’s products.
Asia pacific and EMEA head of cards and unsecured lending, Sanjay Nambiar, said: “We are pleased to be partnering with Mastercard to bring this card to our clients in Asia. The collaboration brings together Mastercard’s network and Citi’s in-depth experience in conceptualising leading credit card propositions to expand our reach to existing and potential clients in the region.”
“The Asia Pacific region has experienced a strong and sustained economic recovery post-pandemic. It is now home to 30% of the world’s ultra-high net worth population and in recent years has seen the affluent segment in Singapore and Hong Kong expand,” added Jason Lane, executive vice president, global account management, Mastercard.
“Mastercard is delighted to extend its long-standing partnership with Citi to launch the enhanced ULTIMA card. It meets the needs of Citi’s ultra-high net worth customers, and leverages the Mastercard Priceless Experiences Program, designed to give cardholders special access to unforgettable experiences tailored to their individual desires.”
