Unidentified Analyst: Thank you very much. That’s very helpful.
A €“ Jingbo Wang: Okay. Thank you. We’ll take another question.
Operator: The second question comes from Kan Hue from CICC.
Unidentified Analyst: I will briefly translate my question. And my first question is regarding to relationship managers. — a number of relationship managers has achieved slightly growth quarter-on-quarter. I just wondering the future recruitment from relationship managers? And my second question is regarding to overseas business. In the third quarter of 2022, overseas revenue contribution increased to 28%. And our management fees introduce to us overseas business expansion strategy.
Qin Pan: Thank you, Kan for your question. I think in terms of the strategy towards the IM , I think, domestically, we are actually growing the team on a more controlled pace Basically, we are actually out in the lower performances and also are looking — continue to look for better performance IMdomestically. But I think in general, domestically it is taking forward pace. We do have quite a bit of talent supply for the increasing due to difficult times from banks and security brokers. So we actually have the luxury to be more selective on the domestic side. In terms of overseas side, we are putting significant investment and budget to grow the teams, both basically Hong Kong and Singapore. And we believe that actually going to be a strategic differentiating factor in the next step strategy, especially increasing competition from similar institutions.
So that’s the side of IM. And in terms of overseas business, obviously, we are continuing to invest significantly to beef up the product supplies both from the side direct investment in Silicon Valley as well as the real estate products in New York. We also have been beeping up the selected product suppliers on the pipeline to provide that to our clients. And also on the iNoah side, we’re continuing to developing that and now have the capability of actually helping our clients to transact both Hong Kong and the US stocks on our online platform. And also on the Smile Treasury platform that we have seen very strong growth in this year, actually a very successful strategy this year that we have grown, basically from less than 100 institutional clients to now over 2,500 accounts online.
And we have been noticing that even the small to medium enterprises, especially when they are export oriented, they do have kind of US dollars waiting to be managed. And we actually noticed that some of the Treasury teams, they don’t usually have a large team that will be able to help them to talk to overseas banks and institutions, they just basically lack the capability or visibility of what’s available to them and what they could actually subscribe to. So we — with the Small Treasury function that there will be to easily have more access to the US dollar-based products. And also, the fourth line is obviously continuing to build on the insurance, overseas insurance, trust services and heritage services, especially when the clients are now more seriously looking at how to make sure that they have meaningful presence in their overseas operations.
So there are kind of bundles of opportunities on the overseas side. Hopefully, did that cover your question?
Unidentified Analyst: Thank you very clear.
Jingbo Wang: Thank you.
Operator: Dear investors and analysts, you can now use the raise hand function when selected, you can turn on the microphone to ask a question. And please mute yourself after the question. Thank you. If there are no further questions, then the conference has now concluded. Thank you all for participating. Have a nice day or a nice evening. Thank you.
Jingbo Wang: Thank you very much everybody.
Qin Pan: Thank you. Thank you everyone. Bye-bye.
Jingbo Wang: Bye-bye.
