Reflecting on 2024, what were your bank’s (wealth manager’s) major milestones from an operational perspective and how did you achieve them? Conversely, what were the setbacks and challenges encountered along the way, and what measures were taken to surmount them?

Last year marked WRISE’s 2^nd anniversary. In 2024, we achieved various milestones, including: launching our Dubai office to tap into Middle Eastern markets; introduced our new Prestige business arm in Hong Kong and Dubai, enabling mass affluent investors to access our bespoke wealth management services; and setup a Japan desk

One of the major challenges of our rapid expansion has been attracting the right talent across different regions. The wealth management industry in Asia faces acute talent shortages, particularly in financial hubs like Hong Kong and Singapore. The rapid growth in family offices and external asset managers (EAMs) has created unprecedented demand for specialised professionals, leading to intense competition. Firms are now offering salary increases of up to 30% and elevated titles to attract talent skilled in asset management, ESG investing, succession planning, and legal affairs.

The industry’s ongoing digital transformation further complicates recruitment efforts. Organisations increasingly seek professionals who possess a blend of traditional wealth management expertise and technological proficiency in fintech and digital wealth management. This demand has given rise to a new category of highly sought-after talent that challenges firms’ ability to build and maintain effective teams.

At WRISE, we have worked on establishing brand recognition and cultivating a robust ecosystem in Hong Kong, Singapore and Dubai, which gives us an edge over other players in the field. We also provide a comprehensive compensation and recognition framework, including equity bonuses and rewards for the top performers.

Attracting talent is only part of the equation; retaining them through professional growth and personal fulfillment is equally important. We put a strong emphasis on the well-being of our team. Our employee well-being commitment extends beyond office arrangements. We have initiatives in place for work-life balance as well as professional training and development, in order for our team to thrive and feel valued. I especially wish to highlight our “Early Escape Fridays”, to give staff a head start to their weekends as a token of appreciation for their hard work.

Given the increasing sophistication of digital channels and other client-facing innovations, how do you maintain an equilibrium between high-touch client services and cutting-edge technologies?

As the wealth management sector evolves towards greater digital integration and personalised client services, WRISE aims to lead this transition — embracing technology as a key business enabler, which strengthens our commitment to delivering and upholding top-quality service to our clients. We firmly believe that staying ahead of the curve means embracing technological advancements that streamline operations and enhance client experiences.

One of our key innovations is our state-of-the-art wealth management platform, which sets us apart from our competitors. This platform empowers our investment team with direct access to institutional pricing and the ability to structure financial products within 30 seconds. This not only boosts efficiency but also allows us to provide bespoke solutions to our clients more swiftly than ever before. Our commitment to improving efficiency can also be found in our back-office operations, where we have reduced the processing time for tasks that previously took days into a matter of minutes by adopting AI automation.

WRISE delivers technology with a strong human touch. Our dedicated team works diligently to ensure that each of our clients receives tailored and professional analyses alongside sound investment advice. Given the dynamic nature of the financial markets, we proactively engage with each client to understand their unique circumstances and risk tolerances, to recommend strategic investment deployments that align with their financial goals.

As a result of evolving regulatory requirements, private banks/wealth managers are reviewing their compliance systems and processes. What are the current operational challenges posed by the regulations in the jurisdictions in which you operate, and what can be done to effectively address and overcome these challenges?

Two key areas remain at the forefront from a regulatory perspective: the first is anti-money laundering (AML) and the second is fair dealing with clients.

Despite Singapore’s robust AML laws and strong enforcement efforts, financial institutions (FIs) remain vulnerable to money laundering risks. The recent ‘Fujian Gang’ case reinforced the critical role FIs play as the first line of defence and highlighted the industry’s need for stronger AML controls, particularly in KYC frameworks and monitoring to detect illicit activities. At WRISE, we take a pragmatic yet rigorous approach to combating ML, beginning with a well-defined risk appetite aligned with our business objectives. We uphold stringent KYC standards and ensure strict compliance with regulatory requirements. However, like the broader industry, we face multiple challenges. Some of these include a shortage of compliance talent and the need to balance scrutiny without overburdening legitimate clients.

To address these challenges, our management team remains engaged in fostering a strong compliance culture. We continue to invest in our people, aiming to attract, retain, and grow our compliance talent. For clients, we adopt a risk-based approach by applying heightened scrutiny to those posing higher money-laundering risks while streamlining processes for legitimate clients. Our AML framework is also continuously reviewed and enhanced to improve client experience.

Next, fair dealing has long been a regulatory focus and remains a top priority for WRISE. In December 2024, the Monetary Authority of Singapore took enforcement action against a major FI over misconduct by its relationship managers, reinforcing its stance against unethical practices. At WRISE, we take fair dealing seriously, prioritising client interests in all our dealings. We ensure fairness, transparency, and suitability of products by making sure our recommendations align with each client’s investment profile. However, achieving consistent fair dealing presents challenges. The evolving regulatory landscape requires continuous updates to policies and training to ensure compliance. Managing potential conflicts of interest also remains a key challenge as we must balance incentive structures while upholding ethical standards. Despite these challenges, WRISE remains committed to maintaining the highest level of integrity and professionalism, as we believe that clients’ trust is core to our business.

What is the sweet spot for your firm’s cost-to-income ratio in the region, and how are wealth managers tackling the cost side of the equation in Asia, whether relating to investments, real estate, or other operating costs?

The sweet spot for cost-to-income ratio varies between private banks and EAMs, depending on the operating model. Our cost-to-income ratio last year sat comfortably at 0.78, while achieving a year-on-year revenue growth of 158%.

Our highly digitalized operation has streamlined workflows, and ultimately reduced costs through improved efficiency. Our wealth management platform provides our investment team direct access to institutional pricing in seconds, which enables them to structure financial products for clients effortlessly.

We have a well-developed set of governance processes to control costs through technology, strategic partnerships, and enhancing operational efficiency, while prioritizing revenue growth and customer experience.

The pandemic popularized work-from-home (WFH) policies and saw a rise in demand for flexible working arrangements. As we transition into a post-pandemic era, what are your firm’s policies in the areas of WFH, flexible work, and parental leave? How has WFH impacted the firm’s operating costs, including the need for office space? Are flexible working arrangements and WFH here to stay for the long term?

WRISE boasts a workforce of over 400 employees worldwide. The well-being of our employees takes center stage. In response to our commitment, we have implemented several initiatives to enable work-life balance for our employees, as well as invested in technology and cybersecurity—making hybrid working possible, catering to individual preferences and family needs, by allowing employees the flexibility to choose to work remotely or in the office. This also has an additional benefit of higher cost efficiencies in rent, utilities, and office maintenance without the need to expand office space to cope with our rapid staff growth.

Paid parental leave are available in the form of maternity leave, paternity leave, and childcare leave. Besides parental leave, we also have birthday leave for employees to celebrate their special day.