Asia Pacific is emerging as the leading destination for wealth management and private banking globally, driven by the growing wealth in the region as well as the increasing HNWI population and its need for financial advice. The relaxed and pro-investment regulatory environments in markets such as Singapore and Hong Kong have been attracting a large amount of capital from around the world.
As a result, most of the top traditional foreign banks are expanding their presence in the region, while the traditional Asian banks are working on strengthening their wealth management businesses and hold in these markets.
Interestingly, both groups are experiencing growing competition from two types of technologically advanced players. One is the emerging WealthTech firms that are developing advanced B2B and B2C digital solutions, while the other is the Challenger banks —virtual banks and payments firms (especially arms of tech giants) —that have started acquiring financial services licences to capitalise on their wide customer base.
This report provides an in-depth comparative analysis of digital wealth management across eight key markets in Asia Pacific.