Caesar Sengupta is no stranger to the disruptive power of technology after leading Google’s mobile payments division. Now, the former general manager of the US tech giant is seeking to democratise wealth management with the launch of Arta Finance in Singapore. “As we were rising through Google, we realised there are these ‘financial superpowers’ that the ultra-wealthy have,” Caesar, the […]

The post Former Google exec plans to democratise wealth management with AI appeared first on Asian Private Banker.

Singapore-based digital wealth manager StashAway is targeting high net worth individuals (HNWIs) in the United Arab Emirates (UAE) with the expansion of its private markets offering to the region. The offering, StashAway Reserve, which was previously only available in Singapore and Hong Kong, now provides clients in the Middle East and North Africa (MENA) with access to wealth advisory and […]

The post StashAway targets HNWIs in UAE with private market offerings appeared first on Asian Private Banker.

BlackRock has teamed up with wealthtech platform Allfunds in a move that could increase distribution of the world’s biggest asset manager’s private markets offerings to rich individuals in Asia. Allfunds said on Tuesday that BlackRock, which has more than US$9 trillion in AUM, will join its Allfunds Private Partners programme (APP). The move will broaden access to BlackRock’s private market […]

The post Allfunds inks private markets deal with US$9tn fund giant appeared first on Asian Private Banker.

Indosuez Wealth Management (Indosuez WM) has taken a 70% stake in Wealth Dynamics, a UK-based fintech firm that covers client lifecycle management for the wealth and asset management industry. The acquisition, announced on Thursday, is an extension of a collaboration begun in 2019 between Indosuez subsidiary Azqore and Wealth Dynamix. Financial terms of the transaction were not disclosed. Indosuez WM […]

The post Indosuez WM takes majority stake in fintech firm appeared first on Asian Private Banker.

Indonesia’s Bank Central Asia (BCA) has partnered with core banking software provider Avaloq to upgrade its wealth management technology and improve client engagement, according to a statement on Thursday. The bank plans to migrate its wealth management systems to Avaloq Core, a digital platform with core banking operations that supports more than US$4 tn in assets. “Our core banking software […]

The post Bank Central Asia engages Avaloq for WM transformation appeared first on Asian Private Banker.

Fintech Canopy has raised US$3 million from several Hong Kong and Singapore-based family offices to support its newly opened US office, expanding its HNWI data services from Asia to North America. “We currently have a team of 66 in Asia and plan to build a team of 15 to 20 in the US market within 1½ years,” Tanmai Sharma, founder […]

The post Singapore-based Canopy raises US$3 million to expand HNWI data services to the US appeared first on Asian Private Banker.

Moonfare, a tech-savvy platform that seeks to make it easier for HNWIs to invest in private equity, has announced that it will expand into the United Arab Emirates (UAE). The Berlin-based fintech said on Wednesday that individual investors in Dubai, Abu Dhabi, and the Gulf country’s other emirates would be able to invest directly in global private equity funds following […]

The post Moonfare targets Middle East HNWIs with UAE launch appeared first on Asian Private Banker.

The evolving digital wealth management industry can fill the gap in traditional wealth management offerings, believes Kelvin Lei, the former investment banker who built the AQUMON wealth tech platform. The CEO and co-founder of AQUMON bemoaned the fact that when banks targeting HNW and affluent clients focus on “product sales”, what these banks are doing is not about portfolio management […]

The post AQUMON bets its algorithms offer the best way to optimise client portfolios appeared first on Asian Private Banker.

The economic drama emanating from India makes for a fascinating split-screen. On one, inflation, COVID-19 risks and political gridlock have investors on edge. On the other, one of the world’s greatest IPO spectacles is turning heads everywhere. Last year, Asia’s third-largest economy added 46 new “unicorns” to a startup ecosystem that is only just coming to fruition. That more than […]

The post Why ICICI Bank Private Banking is at the head of India’s unicorn stampede appeared first on Asian Private Banker.

François Monnet, former Asia Pacific co-head of Credit Suisse Private Banking and CEO of Credit Suisse Hong Kong, has joined property fintech Estating as an advisor. Monnet retired in December 2021 after 14 years at the Swiss private bank. He drove the bank’s North Asia franchise, doubling its asset base and opening the China and Korea onshore businesses. Monnet will […]

The post François Monnet joins property fintech as Asia Pacific advisor appeared first on Asian Private Banker.

At a time when technology is driving the competitive edge in businesses to increase efficiency and create customer-centric solutions, two major players are seeking to boost their digital transformation this year to enhance decision making in the front office and deliver a better digital experience. ‘Hyperpersonalised advisory’ was the focus of panellists who took part in the What’s next in […]

The post Private banks upping tech game to mirror Netflix model appeared first on Asian Private Banker.

With fintech companies mushrooming globally, another private banker has moved to the other side of the booming spectrum, Asian Private Banker has learnt. Lim Wanying, who was most recently a relationship manager at Julius Baer, has joined the FNZ Group as Asia-Pacific head of strategic partnerships, sustainability. In her new role, Lim will “push forward the sustainability agenda internally at […]

The post Julius Baer RM joins fintech to head sustainability partnerships appeared first on Asian Private Banker.

Fintech firms in Singapore are having to compete for talent with traditional banks that are digitalising and with new digital banks, according to the latest talent report by Accenture. The fintech industry in Singapore has seen rapid growth in the last five years, and this growth is expected to accelerate. Over 70% of surveyed firms anticipate the headcount in fintech […]

The post Singapore fintech startups face stiff competition from incumbents for talent appeared first on Asian Private Banker.

The new fintech regulations in mainland China will consolidate competition in the most crowded segments, but Lufax is targeting the opportunities “below the waterline”, catering to new market needs which are ripe for digitalisation, said Gregory Dean Gibb, co-CEO at Lufax, a personal financial services platform in China and an associate company of Ping An Insurance (Group). Recent announcements on […]

The post Tighter regulations in China hasten fintech consolidation, but opportunities remain: Gregory Gibb, co-CEO Lufax appeared first on Asian Private Banker.

Industry experts and officials have hailed the potential of Hong Kong as a fintech hub within the Greater Bay Area (GBA), while cautioning that the sector could still face challenges around cybersecurity and sourcing sufficient talent. Hong Kong’s undersecretary for financial services and the treasury Joseph Chan said the city is in a “very unique” position for the fintech industry […]

The post Hong Kong in “unique position” for GBA fintech industry but challenges lie ahead: HK Fintech Week appeared first on Asian Private Banker.

A former managing director at Goldman Sachs, who once served as global COO of cryptocurrency exchange BitMEX, has become a senior advisor at StashAway. Vivien Khoo has joined StashAway’s Advisory Committee as a senior advisor, according to the digital wealth manager. Khoo brings over two decades of risk management experience in both virtual assets and the traditional financial markets to […]

The post Former Goldman Sachs MD, BitMEX COO joins StashAway as senior advisor appeared first on Asian Private Banker.

Alvarium has hired the head of private wealth from IQ-EQ to lead its family office services business in the region. Having been appointed by the US-based independent investment advisory firm and multi-family office as its managing director and head of family office services for Asia-Pacific, Peter Golovsky told Asian Private Banker that one of his priorities will be to drive […]

The post Alvarium establishes family office services presence in Asia, picks leader from IQ-EQ appeared first on Asian Private Banker.

Singapore is to launch its first federated learning platform for the finance sector by the end of 2021. Because federated learning does not aggregate data centrally, it can overcome the traditional hesitancy by financial institutions — for commercial and competition reasons — to share microdata with one another, while complying with data protection rules and banking secrecy laws. In the […]

The post Singapore to launch federated learning platform to improve overall banking efficiency appeared first on Asian Private Banker.

Privé Technologies closed an agreement to acquire Axial Partners Limited (Axial), an independent managed accounts platform, adding product manufacturing specialities to existing fintech wealth solution offerings. Based in Hong Kong, Axial conducts asset management activities with a Type 9 license issued by the Securities and Futures Commission (SFC). Founded in 2016, Axial’s platform provides an open architecture for wealth managers […]

The post Privé Technologies acquires managed accounts platform Axial Partners appeared first on Asian Private Banker.

InvestCloud on Thursday announced it has been selected by BNP Paribas Wealth Management to offer Client Relationship Management (CRM) and Client Lifecycle Management (CLM) services for onboarding and nurturing HNW client relationships. The French bank has picked the InvestCloud solution based on the strength of its “leading automation technology” that streamlines the onboarding process and the simpler way in which […]

The post BNP Paribas picks InvestCloud for HNW CRM and CLM solutions appeared first on Asian Private Banker.

The Hong Kong Monetary Authority (HKMA) has requested that licensed banks in Hong Kong participate in its so-called Tech Baseline Assessment — a component of HKMA’s “Fintech 2025” strategy unveiled earlier this month — in order to facilitate the adoption of fintech in the industry. The Tech Baseline Assessment is designed to help the regulator identify those fintech areas or […]

The post HKMA asks banks to provide fintech plans appeared first on Asian Private Banker.

Standard Chartered’s financing and securities services arm has adopted Temenos Multifonds to enhance its operational efficiencies and to cater to the growing interest from the Asia Pacific in alternative investments. Standard Chartered picked Temenos Multifonds as its platform to support investment services in alternative assets. The platform is capable of automating the entire investor servicing lifecycle which allows for higher […]

The post StanChart adopts Temenos Multifonds to enhance offering of financing and securities services appeared first on Asian Private Banker.

The Hong Kong Monetary Authority (HKMA) on Tuesday unveiled its Fintech 2025 strategy for driving fintech development in Hong Kong. The comprehensive adoption of technology by the financial sector by 2025 is to be encouraged by broad-based support, including guidance on the use of novel technologies, development of data infrastructure, the grooming of tech-savvy financial services talent, as well as […]

The post HKMA rolls out Fintech 2025 strategy to drive all-round tech adoption by banks appeared first on Asian Private Banker.

The Hong Kong Monetary Authority (HKMA) has announced that it is planning to launch the next phase of the Open API Framework, which would allow banks to open up their internal systems and data for programmatic access by third-party service providers (TSPs) in a secure and controlled manner. In 2018, the bank regulator introduced the Open API Framework as part […]

The post HKMA announces next phase of Open API framework appeared first on Asian Private Banker.

Singapore expects to add 6,500 jobs in the financial sector this year, about half of these in technology and consumer banking. This is according to an update on the job opportunities in the financial sector, provided by Ravi Menon, managing director of the Monetary Authority of Singapore (MAS) and based on MAS’ latest employment outlook survey. He was speaking at […]

The post Dearth of fintech talent in Singapore as financial sector employment outlook remains positive: MAS appeared first on Asian Private Banker.

MarketAxess has launched a series of technology enhancements that will enable leading buy-side institutions and minority-, women- and veteran-owned broker dealers to more easily trade with one another on the MarketAxess platform. The Diversity Dealer Initiative of the fixed-income securities trading platform operator adds functionality to its Open Trading platform to allow greater diversity in trading counterparties. Pilot buy-side participants […]

The post MarketAxess onboards leading asset managers in Diversity Dealer Initiative appeared first on Asian Private Banker.

Swiss fintech Leonteq has today announced the launch of “Quote”, its latest LynQs module which offers investors an automated click ’n’ trade platform for structured products. LynQs is the digital marketplace which Leonteq developed in-house in 2019. It is based on Leonteq’s analytical library and financial products engine and is available on the web or via mobile app. A number […]

The post Leonteq launches click ’n’ trade platform for structured investment solutions appeared first on Asian Private Banker.

Private banks need to restrategise and service the whole wealth spectrum in Australia, or they risk losing out against newer digital wealth managers in the battle for capturing the large population of emerging wealthy clients in Australia. Australia has been an early adopter of virtual banking and the trend has been spreading to HNWIs, who use an average of four different […]

The post To stay competitive, PBs need to restrategise HNWI services in Australia appeared first on Asian Private Banker.

After rolling out its services in multiple markets in Asia, digital wealth management platform StashAway is also available in Hong Kong from today (7 April). It has obtained licences for Type 1, 4 and 9 regulated activities from the Hong Kong Securities and Futures Commission, meaning it can engage in dealing in securities, advising on securities, and asset management. Leading […]

The post StashAway launches in Hong Kong, keen on gaining HNWI wallet share appeared first on Asian Private Banker.

WeLab on Monday said it raised US$75 million from investors led by the digital investment unit of the Allianz Group as part of a deal in which the Chinese fintech firm plans to distribute wealth management products from the German insurer’s asset management unit to Asian clients. The deal comes as banks and insurers prepare to deal with a no-holds-barred […]

The post Allianz partners with WeLab for wealth management putsch appeared first on Asian Private Banker.

In less than four years, Singapore-based digital wealth management platform StashAway’s AUM has surpassed US$1 billion, of which a steady 20% has been contributed by HNW clients. While new B-to-C fintech financial service providers (such as virtual banks) are more often associated with retail clients, HNWIs are actively adopting pure digital asset management services. Since the launch of StashAway’s services 42 […]

The post StashAway AUM tops US$1 billion, 20% contributed by HNWIs appeared first on Asian Private Banker.

The Monetary Authority of Singapore (MAS) has revised its Technology Risk Management Guidelines and is urging financial institutions (FIs) to implement a robust risk management framework to ensure IT and cyberresilience. The pandemic has accelerated the digitalisation at FIs. Private banks have improved their operational efficiency and private bankers have been able to stay in touch with clients during lockdowns. […]

The post MAS has higher expectations of technology risk governance and security controls at FIs appeared first on Asian Private Banker.

“Private banks often deprioritise cybersecurity, which is primarily seen as a cost centre,” Gene Yu told Asian Private Banker. “Yet, they remain highly valuable targets, as they hold sensitive and privileged information about U/HNWI clients.” The group CEO and co-founder of cyber incident response service provider Blackpanda noted that private banks usually deploy more cybersecurity measures than smaller-sized enterprises outside […]

The post Rise in attacks jolts PBs out of cybersecurity complacency appeared first on Asian Private Banker.

In October, Asian Private Banker interviewed legal experts on how financial institutions are reacting to US sanctions against Hong Kong; HKMA pledged that Hong Kong would continue to act as the channel for investments into and out of mainland China; FSB issued a report about the use of supervisory and regulatory technology (suptech and regtech). Vague definition of “significant transactions” […]

The post October Regulatory Round-up: US sanctions’ vague definition leaves FIs with less space to comply; HK confident of acting as a conduit to China’s wealth; FSB: Multilingual environment is challenging for tech tools appeared first on Asian Private Banker.

The newly launched Hong Kong business of fund distributor and wealthtech Allfunds is benefiting from tailwinds drummed up by the Greater Bay Area’s Wealth Connect scheme and China’s gradual opening-up of its financial markets, the firm’s regional manager for Asia, David Perez de Albeniz, has told Asian Private Banker.  “The Hong Kong office has always been a strategic pillar of the […]

The post GBA project gives momentum to Allfunds’ Hong Kong push appeared first on Asian Private Banker.

Fintech provider Finantix has launched a product that digitalises the investment office process and achieves fast communication of CIO views and convictions to relationship managers (RMs) and wealth clients. CIO Cockpit has been designed in collaboration with CIOs and research analysts. It is the first product that uses Finantix’s advisory and collaborative capabilities and the data-driven and AI-enabled WM tools […]

The post Finantix unveils digital CIO product to streamline investment office process appeared first on Asian Private Banker.

COVID-19 may well have accelerated digital adoption in the PB industry, but half of the PBs incorporated in Hong Kong are still unable to conduct compliant communications on instant messaging (IM) tools. The Private Wealth Management Association (PWMA) and the FinTech Association of Hong Kong (FTAHK) last week jointly hosted a webinar on the application of IM tools in the industry. Following […]

The post Half of Hong Kong PBs still incapable of compliant IM communications appeared first on Asian Private Banker.

Singapore-based Xen, an investment platform for private market offerings, has announced the appointment of a chief commercial officer. Alastair Ding has joined the firm from Value Partners and brings with him over two decades of experience in treasury and investment advisory services. At Value Partners, he was most recently country head and sales director for Singapore. Ding has also worked […]

The post Alts investment platform hires chief commercial officer in Singapore appeared first on Asian Private Banker.

Banks in Asia-Pacific are more efficient, profitable and tech-savvy than their European and American peers, but competition for lower cost and better technology is also more imminent, according to EY’s global banking outlook 2020. The report, launched today and titled Banking in the new decade, highlights three crucial ‘bets’ for banks to increase profitability and free up capital to invest […]

The post APAC banks better placed to cut costs and invest in digital transformation: EY appeared first on Asian Private Banker.

Private banks are increasingly lagging behind in digital service offerings as resources are shifted towards regulatory compliance and increasing business efficiency, according to respondents from the latest Hong Kong Private Wealth Management Report (PWM Report), co-published by the PWMA and KPMG. While digitalisation has become an increasingly important aspect of the business agenda for private banks in recent years, 64% […]

The post PBs lag in digital offerings as reg compliance prioritised appeared first on Asian Private Banker.

Traditionally synonymous with personalised and prestige services, private banks are currently facing hurdles related to the development and improvement of customised digital solutions owing to cost and control constraints. According to a speaker at an Appway closed-door event today, implementing customised functions for digital platforms can be a pricey undertaking even for the region’s leading private banks. “How our bank […]

The post Cost and control hurdles hamper PBs’ digital customisation efforts appeared first on Asian Private Banker.

Accenture has chosen eight startups to participate in its sixth FinTech Innovation Lab APAC — a mentorship programme that lasts 12 weeks and connects the fintech firms to 20 top financial institutions in the region. Chosen from a record number of 170-plus submissions, the 2019 cohort will work closely with senior executives, technology entrepreneurs and industry experts via face-to-face meetings, […]

The post Accenture selects eight startups for APAC fintech innovation lab appeared first on Asian Private Banker.

Since its formation last year, the Global Financial Innovation Network (GFIN) — an international group of regulators with the goal of supporting financial innovation — has launched three workstreams to explore how its participants can improve regulatory collaboration. In its inaugural report published on Tuesday, GFIN announced that one of these, the ‘cross-border testing workstream’, has received a very warm […]

The post “Very strong” demand for cross-border testing platform of global regulatory group appeared first on Asian Private Banker.

A private banking head, at a recently held panel discussion, revealed that using third-party technology providers was more preferable than developing in-house solutions. The reason? Better outcomes through the lock-in of resources. While many have expressed that their private bank has been generous in allocating budgets for digital upgrades, scenarios where internal resources are unexpectedly cut off because of a […]

The post PBs prefer third-party providers for tech budget security appeared first on Asian Private Banker.

Data analytics and automation place more stress on supporting roles than client acquisition and retention positions such as private bankers and wealth managers, according to the ‘Future Finance Jobs’ study commissioned by the Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance Singapore (IBF). To soften the impact of financial technologies on traditional labour demand, MAS launched […]

The post Private bankers less affected by digital transformation than support staff: MAS appeared first on Asian Private Banker.

Having dedicated considerable resources towards creating client-facing tools that cater to Asian HNWIs with an affinity for convenience, many private banks in the region are now looking inwards with a renewed focus on relationship manager productivity. In the last few months alone, Credit Suisse launched CS Chat and DBS rolled out Wealth Chat for their private clients in the region who […]

The post PBs in Asia shift tech focus from client-centricity to RM productivity appeared first on Asian Private Banker.

Nine regional fintech associations across APAC have established an agreement to launch a fintech network to promote the sharing of market intelligence and enhance talent mobility between member regions. A statement of intent to launch the APAC fintech network was signed by the fintech associations of Hong Kong, Singapore, Japan, Malaysia, Australia, the Middle East and Africa, the Philippines, Taiwan, […]

The post APAC fintech network to launch with nine founding members appeared first on Asian Private Banker.

Ecommerce-related ‘bigtech’ firms have the potential to be the next systemically important financial institutions (SIFIs) and therefore require regulatory oversight, according to Ong Chong Tee, deputy managing director at the Monetary Authority of Singapore (MAS). Fintech developments have offered tech giants a space on the competitive financial services landscape, which could have implications for financial stability as bigtech companies — […]

The post ‘Bigtech’ firms could be next systemically important FIs: MAS appeared first on Asian Private Banker.

November was another busy month for regulators in the region, with financial watchdogs announcing new initiatives in fintech and fund regulations, and tax authorities revamping laws and implementing amnesty schemes. The month kicked off with the Securities and Futures Commission (SFC) issuing guidance on how it will regulate virtual assets under the existing regulatory framework. The watchdog limited access to crypto-asset […]

The post November Regulatory Round-up: New tax initiatives in China and Malaysia; SFC implements FMCC; regulators introduce several fintech rules appeared first on Asian Private Banker.

Citi has launched online and mobile communication channels for its Citigold and Citigold Private Client customers and relationship managers (RMs) in Hong Kong and Singapore. Virtual Remote Engagement (VRE) allows clients to communicate with their RMs via audio, video, and chat messaging functions through Citibank Online and Citi Mobile. Both channels are now live in Hong Kong, while the bank’s […]

The post Citi launches multiple WM communication channels in HK and Singapore appeared first on Asian Private Banker.

Investors enrolled in this year’s Singapore FinTech Festival’s deal-making platform have indicated they intend to invest more than US$12 billion in emerging ASEAN enterprises over the next three years. This year, the festival introduced a new platform called MATCH — meet ASEAN’s talents and champions — which curates and matches promising next-generation ASEAN enterprises with global private equity and venture capital. […]

The post Pre-Singapore FinTech Festival ‘matchmaking’ to generate US$12B in investments over next 3 years appeared first on Asian Private Banker.

Conducting virtual onboarding via a closed system know-your-client (KYC) app is a compelling alternative for private banks concerned about client maintenance and data privacy issues that might accompany a shared KYC utility. “While the virtual onboarding is discussed widely for the upcoming virtual banking setups, historic private banks are also interested as the use of an app to conduct onboarding […]

The post Virtual onboarding an attractive alternative to KYC utility for PBs appeared first on Asian Private Banker.

The Monetary Authority of Singapore (MAS) has signed a memorandum of understanding (MoU) with Indonesia’s Financial Services Authority, Otoritas Jasa Keuangan (OJK), in a bid to strengthen collaboration between and foster innovation in the fintech industries of the two jurisdictions. Ravi Menon, MAS’s managing director, and Wimboh Santoso, chairman of OJK, signed the agreement during the Indonesia-Singapore Leaders’ Retreat in […]

The post Singapore signs fintech agreement with Indonesia appeared first on Asian Private Banker.

The US Commodity Futures Trading Commission (CFTC) has signed an agreement with the Australian Securities and Investments Commission (ASIC) to collaborate on fintech innovation, share information, and facilitate referrals between the two jurisdictions. J. Christopher Giancarlo, chairman of the CFTC, and James Shipton, chairman of ASIC, signed the ‘Cooperation Agreement on Financial Technology Innovation’ at the CFTC’s first fintech conference, […]

The post US pens fintech collaboration deal with Australia appeared first on Asian Private Banker.

Revenue growth in the fintech industry will outpace that of the broader financial sector by three times, according to UBS Global Wealth Management (GWM). As both incumbent and disrupting companies continue to invest in technology in a bid to grab or maintain market share, spending in the technology sector remains high. UBS GWM believes that fintech revenues alone will “more than […]

The post UBS: Fintech revenues to grow 3x faster than financial sector’s appeared first on Asian Private Banker.

The Monetary Authority of Singapore (MAS) has inked a fintech collaboration deal with the US Commodity Futures Trading Commission (CFTC) to promote fintech innovation, share insights, and facilitate referrals across the two jurisdictions. Ravi Menon, MAS’s managing director, and J. Christopher Giancarlo, chairman of the US CFTC, signed the ‘Cooperation Arrangement on Financial Technology Innovation’ in an effort to help […]

The post MAS inks fintech partnership with USA appeared first on Asian Private Banker.

Private banking clients in Asia have a strong preference for instant messaging platforms compared to their Western counterparts, spurring private banks in Asia to incur compliance and regulatory costs to cater to clients’ needs and improve efficiency, according to fintech firm FinChat. “The compliant instant messaging service is driven by the phenomenon here in Asia,” Bill Eng, CEO and co-founder of […]

The post HNWIs’ preference for instant messaging is “a pain point unique to Asia”: FinChat appeared first on Asian Private Banker.

AGDelta has signaled its ambitions to offer digital solutions to address the complexities facing private banks and the wider financial services industry, amid a growing trend towards business transformation through innovation. David Roy, AGDelta’s recently appointed managing director of product development, told Asian Private Banker that the Asia-based fintech firm has an innovative online marketplace in the pipeline that is intended to serve […]

The post AGDelta to develop digital marketplace for ideas appeared first on Asian Private Banker.

Asia-based fintech firm AGDelta has changed its executive lineup with the appointment of a former J.P. Morgan Private Bank executive director, Asian Private Banker has learnt. David Roy is joining AGDelta as managing director, product management, and will be based in Hong Kong where he will further develop AGDelta’s digital wealth platform and develop solutions to address the complexities and challenges […]

The post Former J.P. Morgan PB executive director joins AGDelta appeared first on Asian Private Banker.

DBS’s CEO, Piyush Gupta, has called the Singaporean bank a “global pilot” when it comes to collaborating with tech vendors and believes the lender now has a competitive edge that is “hard to replicate” as a direct result of its digital transformation, which includes advances in cloud computing. DBS spent between S$700 million and S$1 billion in fintech annually during […]

The post Gupta hails DBS a “global pilot” in digital transformation appeared first on Asian Private Banker.

The role of fintech accelerators has evolved as banks are increasingly motivated to work with fintech startups, according to Charles D’Haussy, InvestHK’s head of fintech. This year’s SuperCharger Fintech Accelerator and Hong Kong DBS Accelerator programmes facilitated a record number of collaborations between banks and fintech companies — the SuperCharger programme signed 47 deals during its 12-week run, while last week’s DBS […]

The post Fintech accelerators evolve to meet banks’ demands: InvestHK appeared first on Asian Private Banker.

The Hong Kong Monetary Authority (HKMA) has signed a cooperation agreement with Abu Dhabi’s Financial Services Regulatory Authority (FSRA), in a bid to support the expansion of fintech businesses across the two jurisdictions. The agreement comes as Hong Kong’s Securities and Futures Commission (SFC) inked a cooperation agreement with the FSRA earlier this month, establishing a bilateral referral mechanism to […]

The post HKMA signs fintech agreement with Abu Dhabi appeared first on Asian Private Banker.

High net worth individuals (HNWIs) in India are choosing transparency and flexibility over the glitz of traditional private banking, according to a survey conducted by Indian online direct mutual funds platform, Orowealth. Vijay Kuppa, CEO of Orowealth, told Asian Private Banker that its HNW clients have found it challenging to reach brick-and-mortar RMs who offer impartial wealth advisory services due to […]

The post No hesitation when moving from traditional to digital wealth manager: Indian HNWIs appeared first on Asian Private Banker.

The bank that has vowed to turn itself into a fintech company is cautioning that the application of artificial intelligence (AI) cannot displace human bonds. Instead of relying on robotic solutions as a silver bullet that will serve as the answer to all, China Merchants Bank suggests that the banking industry should sharpen its focus on making efficiency gains when investing […]

The post CMB PB: AI cannot displace the human bond appeared first on Asian Private Banker.

This is a sponsored article from BearingPoint. Global moves to increase tax transparency, headlined by the OECD’s Common Reporting Standard regime and multiple tax amnesties, are stirring Asia’s private banking industry, which has no choice but to manage this regulatory flux across jurisdictions. But while Asian high-net-worth individuals (HNWI) have no choice other than to deal head-on with complex tax […]

The post Client tax reporting a priority as CRS kicks in appeared first on Asian Private Banker.

Hong Kong’s Securities and Futures Commission (SFC) has signed a cooperation agreement with Abu Dhabi’s Financial Services Regulatory Authority (FSRA), establishing a cooperation framework for the fintech industries of each city. Key to the bilateral deal is a referral mechanism which enables fintech firms seeking to enter either market to receive regulatory assistance from the receiving-end authority. The agreement also facilitates information […]

The post SFC signs fintech agreement with Abu Dhabi appeared first on Asian Private Banker.

China’s digital wealth management market still has huge room to develop despite the relatively high penetration of online distribution of wealth management products, according to a report co-released by BCG and Lufax. The current wealth management market in China has reached US$6 trillion, the report reveals. Yet, the penetration rate of independent Internet third-party wealth management, which better reflects the […]

The post Chinese digital WM market still has a long way to go: BCG and Lufax appeared first on Asian Private Banker.

The Monetary Authority of Singapore (MAS) has extended its network of agreements with foreign jurisdictions, inking a fintech cooperation agreement with the Monetary Authority of Brunei Darussalam (AMBD). Like the others that came before it, the cooperation agreement aims to facilitate the sharing of information on fintech developments and establish a framework to provide support for fintech companies in each […]

The post Singapore’s MAS adds another fintech bridge appeared first on Asian Private Banker.

The Monetary Authority of Singapore (MAS) and State Bank of Vietnam (SBV) signed a Memorandum of Understanding (MoU) yesterday, on enhancing cooperation on fintech innovation. The MoU facilitates joint innovation projects between the two countries while also encouraging information sharing on fintech developments. It also helps fintech companies in each jurisdiction better understand the regulatory regime and opportunities elsewhere. Ravi […]

The post Singapore ties up with Vietnam on fintech innovation appeared first on Asian Private Banker.

DBS (Hong Kong) commenced its fourth fintech accelerator programme yesterday, expanding its call for collaboration to include tech providers focusing on compliance solutions. The six fintech startups that joined the DBS Accelerator programme this year are CUBE, cyberProductivity, DOV-E, Fractal Labs, Hyper Anna and Privé Technologies. The companies are working to develop different solutions for the bank to enhance the customer’s […]

The post DBS Accelerator programme adds compliance focus appeared first on Asian Private Banker.

Last month marked a number of significant developments for Hong Kong and Singapore’s evolving regulatory fintech landscape, including the introduction of guidance for using of artificial intelligence and Notice 610 overhaul details. Complex products, robo-advisory regulation update The Securities and Futures Commission (SFC) published its consultation conclusion on a regulatory guideline for online investment platforms. A subsequent consultation illustrated how suitability […]

The post March Regulatory Round-up: SFC, MAS outline fintech requirements appeared first on Asian Private Banker.

The FinTech Association of Hong Kong (FTAHK), has announced the appointment of its first board of directors yesterday, with Henri Arslanian, PWC’s fintech and regtech lead for Hong Kong and China, as its chairperson. “Hong Kong has tremendous FinTech potential and [we are] fully committed to bringing together the various elements of the ecosystem to ensure we not only achieve our […]

The post HK fintech association establishes its first board of directors appeared first on Asian Private Banker.

The Singapore FinTech Association (SFA) and the Fintech Association of Japan (FAJ) have signed a Memorandum of Understanding (MoU) this month in a move to enhance fintech cooperation between the two countries. The two associations aim to boost shared knowledge and the exchange expertise through the partnership. The MoU will enable the  Japanese fintech industry to gain further exposure throughout Asia, while […]

The post Singapore, Japan fintech associations ink cooperation agreement appeared first on Asian Private Banker.

Regulatory bodies in Australia and the UK signed an upgraded deal last week to facilitate fintech collaborations between the two jurisdictions, according to a statement by the Australian Treasury. Dubbed the “UK-Australia FinTech Bridge”, the new agreement between the Australian Securities and Investments Commission (ASIC), Australian Transaction Reports and Analysis Centre (AUSTRAC) and the UK’s Financial Conduct Authority (FCA) promises to […]

The post Australia and UK regulators upgrade fintech partnership appeared first on Asian Private Banker.

Ping An Bank has said that an upgrade to its private banking arm is a ‘must’, and one of the lender’s top six strategies for 2018, amidst a broader switch in focus from corporate to personal business. In a discussion with investors in Shenzhen on Thursday, Ping An Bank’s management said the private bank’s upgrade will come as it seeks […]

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The Hong Kong Monetary Authority (HKMA) and the Polish Financial Supervision Authority (KNF) have signed an agreement in a bid to “enhance fintech collaboration”. According to a media release from the Hong Kong watchdog, collaboration between the two authorities – signed by Howard Lee, deputy chief executive of the HKMA, and Marek Chrzanowski, chairman of the KNF – will revolve around “joint […]

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Hong Kong’s Securities and Futures Commission (SFC) has signed a fintech cooperation agreement with the Swiss Financial Market Supervisory Authority (FINMA), marking SFC’s fifth international collaboration in this area to date. The agreement between the two watchdogs establishes a framework for sharing information on emerging trends and related regulatory issues and includes a “bilateral mechanism” to refer innovative firms that […]

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The Hong Kong Monetary Authority (HKMA) has reviewed and updated its guidelines on the authorisation of virtual banks for public consultation.  In a press statement, the HKMA said it will continue to “welcome” the establishment of virtual banks in Hong Kong as it believes the development of them will “promote” fintech and innovation as well as financial inclusion in Hong Kong.  […]

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The vast majority of global banks cite digital transformation as a key business priority for 2018, according to EY’s latest international banking survey. However, working relationships between banks, external solution providers and regulators still leave a lot to be desired, the firm has told Asian Private Banker.  “The question is whether banks and tech firms can bridge the gap – the […]

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The FinTech Association of Hong Kong (FTAHK) and FinTech Australia have signed a memorandum of understanding (MoU) today at the inauguration of the StartmeupHK Festival, signalling closer collaboration between the two jurisdictions in the space of financial technologies. The associations said the intention behind the agreement is to encourage venture capital investments into fintechs, and to facilitate tech companies’ connections […]

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A Shanghai-based family office backed by Monica Lee, former CEO of Societe General Private Bank China and CIO Aaron Low, a former Temasek director, tells Asian Private Banker 2018 will be the year of maturity for ‘new economy’ investment opportunities. Triumph Capital, which has been continuously backed by a single wealthy Chinese family since 2004, has been investing in fintech-related opportunities since […]

The post Former SocGen PB CEO-backed family office eyeing AI, fintech opportunities appeared first on Asian Private Banker.

Ping An Bank’s private banking arm is relaunching its strategy in the year of 2018 as the bank, under its leadership with dual responsibilities for the group’s securities brokerage arm, will look to enhance the sharing of client resources between the two businesses. In particular, Ping An Private Bank will ramp up the level of coordination with the group’s investment […]

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Licaitong, Tencent’s online wealth platform, is looking into implementing more exclusive technological innovations in the year ahead with plans to increase its wallet share of high-net-worth clients. Among the technologies the Tencent platform is experimenting with this year is a robo-advisory algorithm with deep learning capabilities, that can make investment recommendations with a higher degree of precision than its existing artificial intelligence algorithm. […]

The post Tencent taps AI, biometric adoption in HNWI push appeared first on Asian Private Banker.

Both Hong Kong and Singapore’s financial regulators have stated on multiple occasions throughout the year that inter-jurisdictional collaboration on fintech and digital innovation will only increase, with the financial industry now more complex and interconnected that at any point in history. On the Hong Kong front, both regulators further expanded their networks this year. The Hong Kong Monetary Authority (HKMA) […]

The post Hong Kong, Singapore regulators sign 12 fintech collaboration agreements in 2017 appeared first on Asian Private Banker.

Credit Suisse has taken just over a 10% stake in Singapore-based fintech firm, Canopy, Asian Private Banker can reveal. The firm has also raised US$3.4 million from investors including Credit Suisse and Lionrock Capital, according to a statement seen by Asian Private Banker. “With the Credit Suisse partnership gaining momentum, and other institutional clients also looking to utilize Canopy — […]

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Online wealth management is set to grow exponentially in the next five years, as artificial intelligence and big data redraw the battle lines in the financial industry through better transparency and working efficiency. The ramification and impact that the technology will bring will vastly surpass what industry players have seen over the last two decades, according to Greg Gibb, chief […]

The post Lufax CEO: online wealth management to see exponential growth in next five years appeared first on Asian Private Banker.

The Hong Kong Monetary Authority (HKMA) has announce yet another fintech collaboration agreement – this time with Dubai’s financial watchdog. HKMA’s newly inked agreement with the Dubai Financial Services Authority (DFSA) sees both regulators committing to collaborate on referrals of innovative businesses, information sharing and joint innovation projects. “The co-operation agreement with DFSA showcases our efforts to work with the […]

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The Hong Kong Monetary Authority (HKMA) has launched a Fintech Supervisory Chatroom to free up communication between the regulator and the city’s financial services providers and tech firms around the development of new technology applications. The chatroom is a “new feature” of the regulator’s Fintech Supervisory Sandbox 2.0, HKMA said in a media release. The Fintech Supervisory Sandbox 2.0 was introduced […]

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The end of this week marks the end of the “world’s largest fintech event” in the form of the Singapore FinTech Festival; and as one would expect, the city-state’s regulator, the Monetary Authority of Singapore (MAS), made a number of key announcements throughout the event. Asian Private Banker, which was in attendance, rounds up the most significant developments that emerged during the […]

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The Monetary Authority of Singapore (MAS) will introduce a “deal day” to connect fintech start-ups and potential investors during its week-long fintech festival in the city-state this year. The second fintech festival, organised by MAS in partnership with The Association of Banks in Singapore (ABS) and SingEx Holdings, began today; and just like last year, the festival features a FinTech Conference, ”hackcelerator” […]

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The Hong Kong Monetary Authority’s (HKMA) approach to fintech development is seen as the “golden standard” by the US, says Bart Chilton, former commissioner of the US Commodity Futures Trading Commission (CFTC). Speaking in a panel discussion at the Hong Kong Fintech Week today, Chilton said that the US regulator drew inspiration from the HKMA’s FinTech Collaboration 2.0 initiative when […]

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C-suite executives at banks, including CEOs, need to buy into technology transformation agendas if such programmes are to be successful, says Ketan Samani, UBS Wealth Management’s chief digital officer for APAC. “Children behave like their parents, therefore if the C-suite do not change in terms of driving innovation, then culturally it will be difficult for the whole organisation,” Samani said […]

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Pictet Wealth Management’s various tech improvement projects will give clients in Asia “a new environment” from 2018, according to the firm’s APAC CEO, Claude Haberer. “At the end of this year, we are revamping our digital offering and making internal improvements to our infrastructure,” Haberer said in a panel discussion at Hong Kong Fintech Week today. “As of January 2018, […]

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HKMA chief executive Norman Chan said today that the regulator will “take the lead and help the banking sector to rise to a higher level” by embracing the opportunities arising from the convergence of banking and technology. Indeed, shortly after regulators in China took a hardline approach to initial coin offerings (ICOs), regulators in Hong Kong and Singapore moved quickly […]

The post September Regulatory Round-up: China’s ICO ban may benefit HK and SG; SFC “shifts focus” to corporate governance appeared first on Asian Private Banker.

Hong Kong’s Securities and Futures Commission (SFC) has launched a regulatory sandbox for fintech initiatives, the regulator said in a statement today, adding that the platform will provide a “confined regulatory environment” for qualified firms to test their fintech initiatives. “The SFC recognises that firms utilising innovative technologies may broaden investor choice and benefit the Hong Kong financial services industry,” […]

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Avaloq has added two more private banks in Asia to its roster of customers, the core platform provider’s group CEO, Francisco Fernandez, tells Asian Private Banker in an exclusive interview. In addition, Fernandez discusses the success of the firm’s business process outsourcing (BPO) strategy, the need for private banks to overhaul their digital dialogues, and the firm’s strategy when it […]

The post Avaloq’s Fernandez on the firm’s new private banking customers in Asia, digital strategies in China and the BPO buzz appeared first on Asian Private Banker.

Greetings, Some timely data released yesterday by Hong Kong’s PWMA, chaired by Amy Lo. By the association’s reckoning, the private wealth market in HK reached “above US$800 billion”, up from around US$700 billion in 2016.   Driving this growth: Chinese clients, despite staunch capital controls. Interestingly, only two-thirds of firms polled by the PWMA believe that they are “well-positioned” and […]

The post Top Eight for Week 15 – 22 September 2017 appeared first on Asian Private Banker.

Switzerland’s State Secretariat for International Financial Matters (SIF) and the Hong Kong Monetary Authority (HKMA) have launched a “financial dialogue” to promote cooperation on financial market issues, according to a statement from both regulators. “The financial dialogue between the HKMA and Swiss authorities aims to enhance official exchanges between Hong Kong and Switzerland on policy issues of mutual interest, especially […]

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DBS has partnered with a government body in Singapore to create a fintech training programme focused on “deep technology skills”. The Singaporean bank is working with the Infocomm Media Development Authority (IMDA) to develop a 12-month training programme for recent graduates in the fields of information technology, science, technology, engineering, and other mathematics-related disciplines. The bank said in a statement […]

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The Monetary Authority of Singapore (MAS) has signed a fintech collaboration agreement with the Securities Commission Malaysia, the Singaporean central bank said in a statement. “The cooperation agreement establishes a strategic framework for both regulators to assist innovator businesses to better understand the regulatory regime in each jurisdiction, and provide support through the application and authorisation process,” MAS said. The […]

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