The wait-and-see era is officially over. More than half (52%) of Hong Kong’s private wealth management firms are now actively investing in, or planning to invest in, virtual assets, a monumental shift that coincides with a 15% year-on-year surge in industry AUM. However, the nightmare of duplicating custody systems in Hong Kong, along with other regulatory hurdles, continues to create […]

The post Hong Kong private banks double down on digital assets as confidence soars appeared first on Asian Private Banker.

Following the recent budget announcements from the governments of Hong Kong and Singapore, Asian Private Banker spoke to industry experts to learn how the new measures will impact private wealth investors. Singapore plans to inject cash into the country’s sluggish stock market via an equity investment fund, while ASEAN funds are set to benefit from tax changes. The Lion City […]

The post Regulation Focus: Singapore redirects cash to capital markets, Hong Kong eyes tax easing for SFOs appeared first on Asian Private Banker.

Hong Kong’s asset and wealth management industry has broadly benefited from a supportive policy agenda to promote the city as a wealth hub. However, 2025 will likely see increased scrutiny of asset managers, according to industry experts speaking to Asian Private Banker. Increased scrutiny In a circular in 4Q24, Hong Kong’s Securities and Futures Commission (SFC) flagged deficiencies and substandard […]

The post Hong Kong’s asset and wealth managers face increased scrutiny in 2025 appeared first on Asian Private Banker.

Hong Kong’s private banks are hesitant to develop their digital assets offerings and risk losing out to fintechs, industry experts told Asian Private Banker. Hong Kong’s Private Wealth Management Association (PWMA) recently surveyed its member firms, which include UBS, HSBC and DBS, among others, and found that they have less than 5% of their assets under management (AUM) exposed to […]

The post Hong Kong’s private banks risk missing out on digital assets boom appeared first on Asian Private Banker.

High-volume businesses with large client bases appear to immediately benefit from implementing generative AI to improve efficiency and reduce costs. However, it is less certain whether private banks, often with unstructured data and a need for bespoke face-to-face services, can justify the return on investment (ROI) at this stage, industry experts told Asian Private Banker. Compared to retail and commercial […]

The post Generative AI: More hype than opportunity for private banks? appeared first on Asian Private Banker.

China’s nearly RMB 20 trillion (US$2.76 trillion) private fund industry is facing challenges on multiple fronts, from fundraising to regulatory scrutiny. This environment is causing some private funds, including hedge funds, to target the offshore private wealth market for AUM and client growth, multiple industry experts told Asian Private Banker. “For onshore China, we mainly manage U/HNWIs’ pools of money, […]

The post China’s US$2.8tn private funds market eyes offshore wealth appeared first on Asian Private Banker.

Singapore and Hong Kong are accelerating their efforts to create a stable regulatory environment for digital assets, as these investments increasingly come onto the radar for private wealth clients and family offices. While the Monetary Authority of Singapore (MAS) is continuing to pursue industry collaboration to support asset tokenisation, time is up for unlicensed virtual asset trading platforms in Hong […]

The post Singapore, Hong Kong regulators sharpen focus on digital assets appeared first on Asian Private Banker.

U/HNWs in the Hong Kong and mainland Chinese markets are increasing their risk appetite, according to fund managers in both jurisdictions. But that does not necessarily mean they are investing in the same products. Onshore Chinese investors are generally more risk averse and are gravitating towards money market funds, fixed deposits and fixed income products. Offshore Chinese investors, on the […]

The post Onshore vs offshore: Which Chinese investors are taking more risk? appeared first on Asian Private Banker.

Will Hong Kong’s IPO market return? Which will be the fastest-growing emerging market in Asia? And will Trump return to the White House, and what could that mean for Asian markets? As we enter the Year of the Dragon, APB posed these questions and more to private banks, asset managers, law firms and consultancies, to find out what the new […]

The post Bank of Singapore, Julius Baer: Top predictions in the Year of the Wood Dragon appeared first on Asian Private Banker.

Hong Kong’s financial regulators have introduced a new ‘streamlined approach’ for assessing suitability requirements for sophisticated professional investors (SPIs). The new guidance reflects a “balanced” approach, a compliance expert has told Asian Private Banker. In addition, Hong Kong’s regulators are looking at allowing equity funds to be sold through the Wealth Connect, along with other enhancements. The HKMA and SFC […]

The post Regulators unveil “streamlined approach” for wealth investors. Here’s what that means appeared first on Asian Private Banker.

Singapore is overwhelmingly the region’s preferred destination for establishing family offices, according to the latest APB Pulse data, despite recent efforts by Hong Kong to boost its toehold in this market. Of the hundreds of executives from private banks, family offices and asset managers polled by APB Pulse across the Asian Private Banker website and LinkedIn, 60% said that Singapore […]

The post Hong Kong vs Singapore: Which is on top for family offices? appeared first on Asian Private Banker.

It is no secret that the world of digital assets has been tumultuous over the past 12 months. It is in this light that market participants, professionals, and government officials alike, gathered at the Web3 Investment Summit on 20 March in Hong Kong, to discuss the future of Web3 investing for wealth clients. “From a market development perspective, we are […]

The post Hong Kong watchdog gearing up to overhaul digital assets appeared first on Asian Private Banker.

The private banking industry is facing an uncertain and evolving regulatory environment, with regulators coming to grips with ESG, virtual assets, the GBA Wealth Management Connect scheme, among others. Asian Private Banker talked with Angela Wong, director of governance, risk and compliance at KPMG HK, to discuss the trends to watch in Hong Kong in 2023. Recalibration  One major upcoming […]

The post Five Hong Kong regulatory trends to watch in 2023 appeared first on Asian Private Banker.

Despite their stomach-churning volatility, digital assets are still capturing the attention of family offices (FO) and HNWIs in Hong Kong and Singapore. This is according to KPMG’s Investing in Digital Assets – Family Office and high-net-worth investor perspectives on digital asset allocation report, co-launched with Aspen Digital on Monday. For the report, KPMG surveyed 30 FOs and HNWIs in the two […]

The post What 60% drop? Family offices and HNWIs are still keen to dabble in crypto appeared first on Asian Private Banker.

** For 2021, Asian Private Banker is releasing the AUM and RM data sets in two parts: the banks ranked 11th to 25th place in terms of their AUM on 12 May; and the next day those ranked within the top 10 regional banks in terms of AUM, as well as the full data set for RM headcounts ** AUM […]

The post Asia-Pacific private banking AUM grew at slowest rate in three years in 2021 appeared first on Asian Private Banker.

Singapore’s emergence as a centre for the Greater China private banking market is gathering pace on the back of favourable regulations and its proximity to fast growing Southeast Asian countries, sparking a talent war for experienced relationship managers. The Lion City, senior private bankers say, is benefiting from government efforts to lure more family offices and more Chinese businesses using […]

The post Singapore revs up role as Greater China private banking hub, sparks talent war appeared first on Asian Private Banker.

Regulatory complexity remains an area of concern for the private wealth management industry, with 61% of surveyed firms still finding the Professional Investor (PI) rules complex, despite the clarifications provided by the Hong Kong Securities and Futures Commission (SFC). The Private Wealth Management Association (PWMA) and KPMG China on Monday jointly released the sixth annual PWM survey, titled Hong Kong […]

The post Despite clarifications, most PWM firms deem Professional Investor rules complex: PWM Report 2021 appeared first on Asian Private Banker.

The proportion of asset value held by Hong Kong law trusts has grown over the past three years, but at a slower pace than in 2017, when the previous Hong Kong Trust Industry Report was published. The Hong Kong Trustees’ Association (HKTA) and KPMG on Tuesday published Hong Kong Trust Industry Spotlight: Taking centre stage, the third edition of the Hong […]

The post Slower growth of AUM in Hong Kong-domiciled trusts: Hong Kong Trust Industry Report 2021 appeared first on Asian Private Banker.

The banking sector in Hong Kong had a challenging year in 2020, with low interest rates putting pressure on net interest margins (NIM) as a key source of revenue. More banks have been considering the Wealth Management Connect (WMC) scheme as the first step towards greater opportunities to generate income from other avenues, such as fee-based wealth management activities, according […]

The post Wealth Management Connect offers banks the opportunity to generate income from other sources: KPMG appeared first on Asian Private Banker.

Family-owned businesses in Hong Kong and mainland China are predominantly managed by first-generation founders, restricted by a smaller pool of family talent and weaker than businesses in other markets in terms of management skills when handling the pandemic. To grow a more agile and resilient workforce and embrace change, such businesses may need to increase transparency and next-generation involvement, according […]

The post HK, China family businesses less skilled than other markets in dealing with pandemic: KPMG survey appeared first on Asian Private Banker.

State Street on Monday announced it has filled a newly created role dedicated to expanding relationships with asset managers in Asia Pacific. Effective 14 May 2021, Neil Macdonald will lead State Street’s engagement strategy for asset manager clients in APAC, including strategic direction and solutions structuring. He will focus on the overall growth of the segment. Based in Hong Kong, […]

The post State Street names veteran to head APAC asset managers segment appeared first on Asian Private Banker.

Asia’s universal banks have long hailed the “one-bank” approach, where the corporate and investment bank meets the private bank to serve clients’ crossover needs. The widespread practice — spurring growth and boosting revenue for the bank as a whole — begs the question whether universal banks’ wealth management arms could survive without the one-bank concept. The raison d’être in Asia […]

The post Can WM arms of universal banks do without the one-bank concept? appeared first on Asian Private Banker.

Hong Kong’s wealth and asset management (WAM) industry has welcomed initiatives outlined in the government’s budget 2021/22 announcement last week but is asking authorities accelerate progress on amending tax exemption rules to benefit family offices. The budget speech delivered by Financial Secretary Paul Chan last Wednesday detailed measures in three areas targeting the promotion of Hong Kong as a WAM […]

The post Wealth and asset management industry welcomes HK budget initiatives, but wants progress on FO tax exemptions appeared first on Asian Private Banker.

The Hong Kong and Singapore governments have been promoting their respective cities as family office (FO) hubs in Asia over the past 12 months, but how do FOs decide which hub is right for them? “Tax benefits are a leading consideration for families when considering which jurisdiction to establish an office, but other factors also count,” Manish Tibrewal, CEO at […]

The post Tax concessions, regulatory clarity top concerns when setting up FOs appeared first on Asian Private Banker.

HSBC Private Banking has launched a dedicated independent asset management (IAM) desk in Singapore, becoming the latest major bank to ramp up its services to intermediaries and their growing roster of UHNW clients in Asia. In a media release, HSBC Private Banking said the creation of the desk was “central” to its ambition to become the number one wealth manager […]

The post HSBC Private Banking sets up dedicated IAM desk in Singapore appeared first on Asian Private Banker.

Private banks are expected to remain the brighter spot of Hong Kong’s banking industry in 2021, believes Paul McSheaffrey, KPMG’s head of banking & capital markets. In an interview with Asian Private Banker, he outlined how KPMG sees the outlook for private banks in Hong Kong in the context of the overall banking industry. “If we look at last year […]

The post PBs still the brighter spot of Hong Kong’s banking industry in 2021: KPMG appeared first on Asian Private Banker.

The Limited Partnership Fund regime provides a user-friendly option for private equity and venture capital firms to set up Hong Kong domiciled private fund structures, but the industry is still waiting for tax exemptions and a redomicile option to make full use of the structure. The Limited Partnership Fund (LPF) Bill was passed by the Hong Kong Legislative Council on […]

The post Redomicile options, tax exemptions still on the way after Limited Fund Partnership launch appeared first on Asian Private Banker.

As the real economy suffers under COVID-19, it will be increasingly difficult for private banks in Hong Kong to sustain revenue growth in 2020, and the room to cut costs is limited. According to Adapting to a New Reality — Hong Kong Banking Report 2020 released by KPMG on Tuesday, the city’s banking sector grew in 2019. Total assets of all […]

The post PBs face pressure in revenue growth in 2020 with limited room to cut cost: KPMG appeared first on Asian Private Banker.

Fund managers still see proximity to China as a key advantage for Hong Kong, but would need more “regulatory clarity” before making strategic plans for business development in the Greater Bay Area (GBA). KPMG and the Hong Kong Independent Fund Association (HKIFA) released a joint report titled Vision 2025: The future of Hong Kong’s fund management industry. The report reflect […]

The post Fund managers seek regulatory clarity before committing to GBA growth strategies appeared first on Asian Private Banker.

As margin calls mount, lawyers are warning PBs to keep their paper work in order should clients question the suitability of investment recommendations they received. Major stock indices may have recovered slightly, but the COVID-19 pandemic continues to hurt the real economy worldwide. One private bank has warned that “no sector is entirely safe” in the current situation. “At the […]

The post PB paper trails under scrutiny as clients confront losses appeared first on Asian Private Banker.

Social distancing orders by governments around the globe are making it “almost impossible” for private banks to be fully operational remotely using current technology. With the rapid spread of the COVID-19 pandemic over the last few weeks, private banks have been under pressure to devise operational guidelines for staff working from home (WFH) or from back-offices. At its most basic, […]

The post Coronavirus outbreak exposes gaps in business continuity plans at private banks appeared first on Asian Private Banker.

Hong Kong needs better “packaging” in offering tax incentives to attract family offices to set up in the city, according to KPMG. “Hong Kong has expanded its tax exemption regime for funds. Before only overseas funds were tax-exempt but now both onshore and offshore privately-offered funds operating out of Hong Kong are potentially exempted from profits tax,” John Timpany, partner, […]

The post Hong Kong tax benefits for family offices need better “packaging”: KPMG appeared first on Asian Private Banker.

KPMG stated in its Hong Kong Banking Outlook 2020 on Wednesday that the city’s wealth management industry needs to be more collaborative and start acting on enhancing digitalisation and banking culture if it is to keep pole position as a regional wealth management hub. “We saw good insights and coordination within the industry when discussing what we needed to do […]

The post 2020 critical for HK to defend position as preferred wealth hub: KPMG appeared first on Asian Private Banker.

Financial institutions need to accelerate the implementation of cybersecurity measures to match the rapid rate of banking system upgrades, according to cybersecurity specialists at KPMG. At a roundtable, the specialists highlighted that while banking platforms used to get upgrades every two to five years, now, there are common conversations around platforms being upgraded every four to six months. This is […]

The post Rapid platform updates outpace cybersecurity measures: KPMG appeared first on Asian Private Banker.

Unrest in Hong Kong has dampened the optimism of private banking practitioners in the city, who are feeling less optimistic about the near-term growth of the private wealth management industry, according to the PWMA. Practitioners recently surveyed by Hong Kong’s Private Wealth Management Association (PWMA) and KPMG for a report published on Tuesday have revised their annual AUM growth expectations from […]

The post PWM industry slashes annual AUM growth projections appeared first on Asian Private Banker.

Private banks will still have “quite a big role” to play in the private equity and venture capital space even as more family offices vie for a piece of the PE/VC pie, as the need to diversify amid an increasingly volatile global investment environment sends HNWIs into the arms of uncorrelated assets, according to KPMG. “I think for a number of years […]

The post PBs need not fear as more FOs enter PE/VC realm: KPMG appeared first on Asian Private Banker.

The first half of 2019 saw investments in APAC wealthtech drop in terms of both size and count year-on-year, according to an Accenture analysis on CB Insights data. The Asia Pacific region recorded 337 fintech deals in 1H19, 7% of which — totalling around US$91 million — were wealth and asset management-related. This represents a deal count drop of 47% […]

The post Wealthtech investment in APAC dips in 1H19 appeared first on Asian Private Banker.

The proposed extradition bill has made headlines worldwide this week, and Hong Kong’s private wealth management industry is worried investors might begin to shift their assets elsewhere amid the turmoil, sources told Asian Private Banker. According to the proposed amendments to Hong Kong’s Fugitive Offenders Ordinance, the city’s chief executive, Carrie Lam, would be imbued with the authority to transfer […]

The post Extradition push sparks fears of HK asset outflows appeared first on Asian Private Banker.

Hong Kong’s banking industry is “well positioned” to reap the benefits of the Greater Bay Area’s budding wealth management industry, according to a report released by KPMG today. The ‘Future of Banking’ report — the 31st instalment of KPMG’s annual Hong Kong Banking Report — highlighted the impact the Greater Bay Area (GBA) initiative is set to have on Hong Kong’s […]

The post HK is “well positioned” to reap GBA wealth: KPMG appeared first on Asian Private Banker.

While the relevant authorities scour through proposals as they make progress in realising their Greater Bay Area (GBA) ambitions, private banks in Hong Kong should collectively communicate with the government in order to capitalise on the potential wealth management opportunities, according to Vivian Chui, partner at KPMG. Since July 2017 when the governments of Hong Kong, Macau, and the Guangdong Province […]

The post Industry-wide participation necessary to tap WM opportunities in GBA: KPMG appeared first on Asian Private Banker.

During his Budget 2019 speech, Lim Guan Eng, Malaysia’s finance minister, announced a new tax amnesty scheme through which the government aims to lure taxpayers into voluntarily disclosing outstanding taxes. Although some experts liken the new scheme to an extension of an olive branch that taxpayers should seize, others predict that sensitivity concerns will slow the programme’s progress. According to […]

The post Mixed reception for Malaysia’s new tax amnesty rules appeared first on Asian Private Banker.

China’s double taxation agreements will continue to apply when China’s new individual income tax (IIT) rules are implemented, offering some relief to citizens who identify as tax residents in other jurisdictions. On 1 January 2019, the People’s Republic of China (PRC) will implement its new IIT rules that it updated in response to the Common Reporting Standard (CRS) international exchange […]

The post Double tax rules to still apply following China’s IIT reform: KPMG appeared first on Asian Private Banker.

Chinese HNWIs should heed the new tax clearance requirements and the revision to the definition of ‘tax resident’ in China’s individual income tax (IIT) reform, according to tax specialists. On 29 June, the People’s Republic of China (PRC) released the draft of the IIT reform. Together with a series of subsequent additions and amendments, the new rules have raised concerns amongst local […]

The post Individual income tax reform could ‘notably impact’ Chinese HNWIs appeared first on Asian Private Banker.

The Private Wealth Management Association (PWMA) has outlined a set of codes specifically for the industry, in an effort to promote Hong Kong as a global private wealth management (PWM) hub. A white paper, co-authored by the PWMA and KPMG China, was published on 27 September, making 13 suggestions for the acceleration of growth for the private wealth industry in Hong […]

The post PWMA urges HK regulators to develop PWM code of conduct appeared first on Asian Private Banker.

Hong Kong’s AUM will double over the next five years, according to the Private Wealth Management Association (PWMA) and KPMG China, which released their Hong Kong Private Wealth Management Report 2018 today. “The Hong Kong private wealth management industry continues to expand this year, reaching US$1 trillion in AUM,” said Amy Lo, PWMA chairman and UBS’s chairman and Greater China […]

The post Hong Kong’s AUM “to double in next five years”: PWM Report 2018 appeared first on Asian Private Banker.

The introduction of a new GST reverse charge in Singapore will increase ‘tax leakage’ for funds and private asset structure owners, a KPMG tax specialist has warned. The new charge, aimed at foreign service providers, has come as the Singapore government outlined its plans to broaden its tax base in its latest budget — under which the city-state will also raise its […]

The post Singapore GST reverse charge will increase “leakage”: KPMG appeared first on Asian Private Banker.

The China Banking Regulatory Commission (CBRC) has eased the way for foreign banks to take strategic stakes, carry out business, and expand their branch presence in China. The move appears to run counter to an accelerating consolidation drive in the domestic banking industry since the fourth quarter last year. In a set of announcements published Friday, the CBRC said foreign […]

The post CBRC eases way for foreign bank expansion as mainland peers consolidate appeared first on Asian Private Banker.

Due to a paucity of “mega-deals”, investments into fintech companies in Asia declined in the first half of 2017, according to a KPMG report, which also shows that Hong Kong-based fintechs have played no part in the region’s biggest deals year-to-date. KPMG said in its latest Pulse of Fintech Report that US$760 million was invested across 51 fintech deals in […]

The post Asia fintech investments wane due to lack of “mega-deals” appeared first on Asian Private Banker.

China’s new cyber security rules, which were implemented on 1 June, are causing “lots of confusion”, says Baker McKenzie partner Nancy Leigh, who believes that companies should not make “any drastic changes” to their data infrastructure until further clarity is provided. “Basically there are still so many holes [in the regulations],” Leigh said at the Hong Kong Technology Conference last Friday. […]

The post Confusion abounds as China enforces new cyber security rules, says law firm appeared first on Asian Private Banker.

To comply with China’s new cyber security laws – which came into effect today but include a grace period that could last until the end of 2018 – private banks will need to establish data inventories and revisit their choices of network products and services, experts say. Data localisation requires the establishment of effective inventories First, the new rules require […]

The post How China’s new cyber security laws will affect private banks appeared first on Asian Private Banker.

Law firm DLA Piper believes institutions are not ready to deal with China’s new offshore data transfer rule – which will affect banks since they are considered “network operators”. The new cyber security law will come into effect on 1 June this year, and the applicable scope of “network operators” has been expanded to include “financial institutions that collect citizens’ […]

The post Stakeholders are not ready to deal with China’s new cyber security laws, says law firm appeared first on Asian Private Banker.

Australia’s traditional financial institutions could face a challenge from tech players in the future, with 84% of affluent ‘Gen Y’ Australians saying that they would bank taking their assets to a tech giant, according to a KPMG report. “This is in line with the importance given to getting the best value out of their investment and the fact that tech giants are […]

The post Most affluent Gen Y Aussies would bank with a tech giant appeared first on Asian Private Banker.

Three of the top 10 fintech deals in Asia in 4Q16 were wealth/investment management related, the total deal value reaching US$165.1 million, according report released by KPMG. The biggest of the three was a Singapore-based M&A deal closed by Asian Gateway Investments, at US$70 million, followed by a US$66 million M&A deal involving Melbourne-based Financial Synergy and a US$29 million […]

The post Three of Asia’s top 10 fintech deals in 4Q16 wealth & investment management-related appeared first on Asian Private Banker.

This is mainly because most Swiss banks have reached agreements with US regulators on alleged financial misconduct, he added at a briefing in Berne Thursday, which could make them attractive again to potential buyers. Around 80% of banks have now resolved their cases under the 2013 Swiss Bank Program, noted Boris Collardi, which encourages settlements before they escalate into criminal […]

The post Swiss banking consolidation “quite clear”, says Julius Baer CEO appeared first on Asian Private Banker.

The Securities and Futures Commission (SFC) appoints former KPMG executive, Carlson Tong, as chairman of the SFC and Kelvin Wong as non-executive director, effective as of October 20, 2012. Tong is currently the non-executive director of SFC and will be replacing Eddy Fong, who has chaired the regulator for the past six years. Commenting on the appointments, Ashley Alder, chief […]

The post SFC appoints chairman and non-executive director, incumbent chairman Fong’s term ends appeared first on Asian Private Banker.