In March, Shanghai witnessed the return of the Heineken Chinese Grand Prix, part of the World Formula 1 Championship. The roar of engines at the Shanghai International Circuit once again ignited the city with the speed and passion of racing culture.

During the event, Hung Tzu-yu, Global Head of Standard Chartered Private Bank and concurrently Head of Wealth Management and Retail Banking for Greater China and North Asia, arrived in Shanghai to participate in a series of activities and gave an exclusive interview. Of Fujian ancestry, raised in Singapore, and now residing in Hong Kong, China, the multilingual Hung Tzu-yu spoke fluently in Mandarin, discussing F1, AI, and his latest observations on the high-net-worth market.

**The Balance of Speed, Risk Control, and Innovation** This year marks Standard Chartered's first partnership with F1 as an official global partner, inviting high-net-worth clients from around the world to participate in exclusive client experience activities. Discussing the collaboration with F1, Hung shared, "F1 holds races in 21 countries and regions, and Standard Chartered has a business presence in 19 of these markets, showing a very high overlap. Furthermore, F1's global fanbase includes many individuals with international perspectives, an entrepreneurial spirit, who are active across different markets—this aligns highly with our client profile." A deeper reason lies in the strong alignment of values. F1 teams exemplify an excellent balance of pursuing speed, managing risk, driving technological innovation, and maintaining stability and sustainability. Standard Chartered Group also places great importance on balancing these elements. "No race car can win a championship by solely pursuing top speed," Hung said. While the track tests speed, victory is often determined by the management of risk, strategy, and various variables—an approach highly relevant to the banking industry. Additionally, Standard Chartered sponsors the all-female F1 Academy series to support and nurture more female drivers in the sport. The bank will continue to explore initiatives with F1 Academy throughout the season to support the development of young female drivers. This aligns with a key trend in the sport—the growing emergence of female racing talent. Launched in 2023, F1 Academy has quickly become an influential global platform for women in motorsport, with the Shanghai race serving as the season opener for the all-female series.

**Leveraging and Mastering Technology** F1 emphasizes an relentless pursuit of technological innovation, a focus mirrored within Standard Chartered regarding investment in AI and technological advancement. As a global banking group, Standard Chartered is committed to significant investment in technology, a commitment shared by its private banking arm. Hung revealed that Standard Chartered's latest round of technological investment is aimed at fundamentally restructuring its service model. AI applications have now extended from back-office risk control to front-line client communication and support. AI systems are already used for monitoring anomalies in cross-border fund flows, conducting KYC checks for new clients, and integrating information from investment banks and funds within open architecture product frameworks—with more timely tools becoming available. For example, the first briefing he receives each morning is now a summary of views from various financial institutions, compiled by Standard Chartered's internal systems. "Our system can search for insights from every investment bank and fund company, using AI to search and draw conclusions, helping our Relationship Managers digest and enhance their knowledge." "Of course, the views from our internal research team are also contrasted with external perspectives, ultimately leading to a more comprehensive and synthesized conclusion." Standard Chartered Group is also preparing to launch an internal AI Agent to help Relationship Managers enhance their skills and better serve clients.

**Shifts in Overseas Markets Driven by Chinese Companies Going Global** Within Standard Chartered's global operations, the Greater China and North Asia region contributes half of the private banking business. The wealth growth and contribution from clients of Chinese heritage are particularly prominent. This concentration is both a strength and a challenge. To continuously seize opportunities, Standard Chartered is investing $1.5 billion to upgrade its service capabilities, with half allocated to talent development. The bank aims for its future Relationship Managers to possess broader global perspectives and more agile knowledge-updating abilities. Consequently, increasing training investment for younger managers is essential, with the recruitment and training of talent with Chinese backgrounds being a top priority. This adjustment in talent strategy reflects deeper changes in the market landscape. "Chinese companies going global" and "intergenerational wealth transfer" are the two most significant themes for high-net-worth clients of Chinese heritage today. As major anchor companies globalize, small and medium-sized enterprises in their supply chains are following suit: Hong Kong China, Singapore, Malaysia, Vietnam, Dubai, Africa... Hung outlined a typical map of needs for Chinese SMEs, noting that an increasing number of firms are establishing roots overseas. A New Year event hosted by Standard Chartered in Kenya last year gathered two hundred attendees of Chinese heritage. This network effect forms the entry logic for wealth management business. "Initially, a client's need might be for bank accounts—specific accounts for specific markets. This may extend to family accounts. Then, once trust with the bank is established, it naturally expands into wealth management." Against the backdrop of declining interest rates, clients have a more urgent need for returns from wealth management products. This requires Standard Chartered's wealth and retail system to have multi-layered response strategies. For instance, QDII funds provide access to international allocation, foreign exchange trading meets active management needs, and investment-linked insurance attracts more conservative capital with relatively higher returns. Products are also tailored to different clients across markets; for example, first-generation entrepreneurs, who often have an understanding and experience of leverage, can flexibly utilize investment leverage in overseas markets.

**Intergenerational Transfer and Foundational Logic** While the cross-border expansion of business empires broadens the geographical scope of wealth management, client succession—the rise of the younger generation—is redefining the core of private banking services. "The biggest challenge in private banking is how to best serve the second generation of family wealth," Hung admitted. "Second-generation clients are different from their parents. The first generation grew up reading newspapers and placed trust in information conveyed by their Relationship Manager. The second generation has grown up in an environment of international education, with much richer information and knowledge reserves. Our Relationship Managers must be fully prepared for this." "Clients of Chinese heritage are often very strong in mathematics, learn quickly, and show interest in quality funds, hedging, and leveraged products. The rise of family offices is a sign of this trend maturing—people are increasingly viewing wealth management from a professional standpoint." The utilization of family wealth also prompts deep adjustments in service models, requiring banks to redefine how they provide support. Successful members of large families often return to their 'roots'—building schools, ancestral halls, or significant projects. The bank must follow and provide meticulous service. Of course, amidst intergenerational transfer, the underlying logic of Chinese culture remains unchanged. "Clients of Chinese heritage often place greater emphasis on personal relationships and emotional connections. The more they invest overseas, the more important it is for them to find a trusted Relationship Manager." Perhaps this is the foundation of confidence for Standard Chartered, a bank rooted in China for nearly 170 years, growing alongside Chinese enterprises and individuals as they expand their global footprint.