Citi Global Wealth unveiled the ULTIMA Mastercard credit card earlier this week, targeting Citi Private Bank clients across Asia, including Hong Kong and Singapore, two of Citi’s four global wealth hubs.
The by-invitation-only card comes to market as spend by the bank’s ultra-high net worth clients continues to outpace pre-pandemic levels. Spend in the first half of this year, compared to the same period in 2019, was up 56% in Singapore, and 36% in Hong Kong. Across both markets, shopping, dining and travel were leading spend categories.
Research commissioned by Citi across Hong Kong and Singapore found that ultra- high net worth clients wanted to access more experiences for themselves and their loved ones, particularly in travel, as well as invest quality time in wellness. In response to the penchant for spend, and evolving preferences of this client segment, the card includes bespoke travel and lifestyle experiences and wellness features in addition to best-in-class rewards and exclusive benefits, supported by dedicated Lifestyle Relationship Managers.
ULTIMA Mastercard was introduced to select clients on Monday evening (31st July) at a ‘Citi ULTIMA Gala Dinner’ held at the Rosewood Hotel in Hong Kong which was attended by Oscar Award winning actress, Michelle Yeoh.
Exemplary of the exclusive access availed by ULTIMA, guests heard first-hand from the inspirational icon during a fireside chat between Ms. Yeoh and Angel Ng, Asia Head of Citi Global Wealth. Both role models in their respective fields, Ms. Yeoh and Angel discussed the pursuit of excellence, living life of the fullest, and their shared passion to advance diversity and inclusion to create impact in the lives of others and build a world free of bias.
Guests also enjoyed exclusive experiences showcased at the event, including an interactive digital art gallery and an immersive experience which brought clients to select natural wonders around the world. A corresponding exclusive client event will be held in Singapore on August 21.
Angel said, “Citi’s ULTIMA proposition has etched its place as a leading and exclusive credit card for ultra-high net worth clients. The latest iteration of the card ensures that we continue to stay ahead of our clients’ needs and wants as their spending behaviors evolve. As part of Citi Global Wealth, we are leveraging the full wealth continuum to now include this credit card as part of the product suite for private banking clients in Asia. The partnership between our credit cards and private banking businesses is helping us to unlock new opportunities to expand and deepen our client relationships in the ultra-high net worth segment.”
Citi Global Wealth is the bank’s unified wealth management platform, serving clients across the wealth continuum in Asia through Singapore and Hong Kong. The business comprises Citi’s credit cards franchise in the region, our Citigold and Citigold Private Client propositions, the International Personal Bank, Citi Private Bank and Citi’s consumer banking arm in Singapore and Hong Kong.
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 conceptualizing 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,” said 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.”