SIP REPORT

Vidyasagar University

Digital Wealth
Management
in Asia Pacific
REPORT SUBMITTED BY
MEHUL SINGH
ROLL NO: VU/PG/503/23/09/04-IS NO: 0046

BENGAL INSTITUTE OF BUSINESS STUDIES

COMPANY: Kanoria & Co.
Industry Mentor : Aniruddh Kanoria
THIS REPORT IS SUBMITTED FOR THE PARTIAL FULFILMENT OF MASTERS OF
BUSINESS ADMINISTRATION FROM VIDYASAGAR UNIVERSITY
 Preface
Asia Pacific has been witnessing strong economic prosperity as a result of its open business environment,
relaxed regulatory landscape and a well-developed infrastructure. This has led to a rise in the population of
High-Net-Worth Individuals (HNWIs), particularly the younger generation who demand technologically
advanced and highly customised banking and wealth management solutions, designed specifically to cater
to their growing investment needs.

The region is home to ~15 million HNWIs, the second-largest concentration in the world after North
America, with an expected growth of 39 percent by 2024, the highest growth forecast globally.1 About half
of these people are located in mainland China alone. They are looking for highly-personalised advisory
solutions from technologically sound advisors to help plan their family wealth and succession. The number
of affluent clients is also growing. They demand advanced platforms and features to effectively manage
their wealth on their own.

Moreover, as digitalisation has reduced client retention costs and improved access to their capital, clients
with small investment capital, who have never been considered highly important by wealth managers, now
collectively form a key potential market — particularly in mainland China where the middle-class
population represents more than half of the market’s online wealth management clients.

As a result, a growing number of financial institutions have widened their target customer groups and
increased focus on developing efficient digital capabilities to cater to mass markets. In relation to mobile
access to financial services, the race is on to provide customers with the best “bank-in-a-pocket” service.
This race has been joined not just by traditional and neobanks, but also by megatech and
telecommunications companies with ambitions to widen their market presence throughout Asia Pacific.

This move toward digitalisation has further picked up pace post the COVID-19 pandemic. According to
KPMG’s 2020 CEO Outlook Survey, 81 percent of CEOs in the Financial Services (FS) sector feel that
COVID-19 has accelerated digitisation of operations and creation of next-generation operating models,
while 76 percent feel that it has accelerated the creation of new digital business models.

This report aims to highlight all opportunities that Asia Pacific presents for the players operating in the
wealth management sector, particularly with respect to their digital capabilities. For the leading global
banks, it shows a wide range of prospects to further grow their wealth management services in this region,
be it through strengthening their teams of advisors, developing sophisticated digital capabilities, or even
partnering with local payments firms to reach the masses.
Company Certificate
 Acknowledgement

I extend my heartfelt gratitude to the Almighty for His divine blessings and for endowing me with the
necessary skills and abilities to conduct this research. I am deeply appreciative of the Bengal Institute of
Business Studies for providing me with the opportunity to complete my dissertation report.

My sincere thanks go to my research supervisors, whose guidance, support, encouragement, and valuable
insights have been indispensable.

I am grateful to all individuals who have contributed to my academic growth and enriched my knowledge
throughout my master’s program.

Above all, I owe a debt of gratitude to my parents for their unwavering support and encouragement
throughout my master’s journey.

Finally, I would like to acknowledge my friends for their assistance and support in the completion of my
dissertation.
 Declaration
I, MEHUL SINGH, student of MBA, of year (2023-2025) studying at Bengal Institute of Business
Studies, Kolkata, hereby declare that Summer Internship Project done on “Digital Wealth Management in
Asia Pacific” is the secondary research conducted by me. The information and data given is authentic to
best of my knowledge. The Summer Internship Project will not be used anywhere else for any award of any
other degree, diploma, and fellowship.

(Signature of Student)
 Table of Contents
Preface 01

Company Certificate 02

Acknowledgement 03

Declaration 04

Executive Summary 06-07

Company Profile 08

Leading Players in Wealth Management 09-10

Market Overview 11-15

Industry Trends 16-17

Digital Capabilities 18-19

Macroeconomic Views 20-21

Regulator Overview 22

Data Analysis:
1. Singapore 23-25
2. Hong Kong (SAR), China 26-28
3. Mainland China 29-31
4. Australia 32-34
5. Malaysia 35-37
6. Indonesia 38-40
7. Vietnam 41-43
8. India 44-67

Bibliography 68
Executive Summary

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 (esp. arms of tech giants) — that
have started acquiring FS licences to capitalise on their wide customer base.

Traditional Asian banks

Banks such as DBS, BoC, OCBC and UOB have used their large scale, existing client base and local
presence to retain market share in wealth management and private banking, with a wide range of integrated
FS offerings. However, with the growing threat from digital banks, these incumbents are trying to expand
their digital offerings and channels, plugging in investments in emerging FinTechs as well as upgrading in-
house capabilities at the same time.

Traditional Foreign banks

Large banks, such HSBC, SCB, Citi, JP Morgan and UBS, have a strong presence in the region, and are
attractive due to their global capabilities, and access to international markets and products. These banks have
now increased their focus on wealth management and private banking in this region, drawing more resources
to achieve scale, with most choosing Singapore or Hong Kong as the centre to expand to other Asian
markets.
Emerging WealthTechs (incl. wealth platform providers)

Unlike the traditional players, most FinTechs are focusing on developing specific, targeted offerings. With
supportive governments, these players have been rapidly growing in number, particularly in the payments
and WealthTech space. However, with a lot of their solutions being B2B, most of these firms are emerging
as potential partners and tech solution providers to the incumbents, instead of pure competitors.

Challenger banks (payments firms, virtual banks)

With Asian governments extending FS licences to non-FS players, local (Alibaba, Tencent) as well global
tech giants (Google, Amazon) are also targeting the region’s FS sector, using payments as the gateway.
Although these firms are yet to establish themselves in the wealth management and private banking space,
their vast customer reach (from digital payments adoption) and the support from their investors puts them in
a key competitive position in this space.
 Company Profile

Anant Finserv is a leading full-service investment and wealth management firm. We provide end-to-end
wealth management solutions for High-Net-Worth Individuals (HNIs). We at Anant Finserv develop
tailored strategies to manage your financial future and wealth. Our endeavour is to bring together a common
focus – a personal interest in meeting all of your investment, insurance, and retirement needs as they change
throughout your lifetime.

Backed by the full resources of an established wealth management firm, our decisions are not made alone,
but with a knowledgeable team of professionals who put your needs first. We strive to make a positive
impact on your financial well-being. Our Goal is simple, to heighten the quality of life for today and future
generations.
 Leading Players

Asian banks raise investments in digital technologies

Apart from DBS, most traditional Asian banks have been slow to embrace digital advancements in wealth management, although
they are now increasing their investments in acquiring digital capabilities, virtual bank licences, and more FinTech partnerships.
Digital DBS BoC UOB CMB
capabilities

Overview Leader in Asia in digital wealth Entered WM in 2019; digital One of the leading banks in One of the top banks in mainland
management (WM) and private growth led by Hong Kong; has Southeast Asia; strong focus on China; formed a subsidiary —
banking (PB), widest range of sped up roll out of digital services providing digital wealth services CMB Wealth Management in
services online; large tech. spend, post COVID-19 to HNWIs 2019; plans to build a ‘Digital
aggressive innovation strategy Bank’ in future

Digital account opening / Launched virtual WM Provides this option in its Available in its digital bank Nil
account opening (Hong first virtual bank Livi (co- TMRW launched in
onboarding
Kong) on iWealth app owned) in Hong Kong Indonesia

Research and insights Its iWealth app provides Provides customised news Portfolio Insights tool Its mobile app provides users
users with research and alert and investment market provides users with risk with real-time market
insights, and price alerts commentary return analysis and scenario information and chart
relevant to one’s investment simulations by stress-testing analysis for financial
portfolio portfolios products

Portfolio management and Hybrid human-robo solution Portfolio advice as per client Asset Management Invest Hybrid human-robo solution
digiPortfolio, targeted to investment and risk profile app customises clients’ Machine Gene Investment;
advisory
UHNWIs, provides strategic with Aqumon; option to portfolio aligned to their Risk Tolerance Assessment
financial insights rebalance portfolio investment objectives system analyses risk appetite
to recommend investment
products

Financial planning New digital NAV Planner Nil • Portfolio Tracker tracks Nil
uses Big Data to give tailored portfolio health • Portfolio
financial advice as per life Explorer offers real time
stage and financial position evaluation of portfolio

Online trading Brokerage arm Vickers Strong online trading (stock, Online trading platform for Provides securities and FX
allows trading in a large funds, bonds, FX, eIPO); stocks — UTRADE, with trading option through online
number of exchanges across mobile app provides stock price alerts, trading insights, banking
markets (incl. online screener, price alerts fundamental and technical
onboarding) analysis

Tools for relationship Rolled out Portfolio Nil Nil Nil

Advisory Enablement tool
managers (RMs)
for RMs providing intelligent
insights about clients’
portfolio

Key internal technologies • Robo-advisory (with Hong Robo-advisory (with Hong • Robo-advisory (with NZ • Robo-advisory
Kong FinTech Quantifeed) Kong partner Magnum FinTech FNZ Group) • Big Data analytics
being used
• Big Data analytics • AI
• Artificial Intelligence (AI) • Data analytics

Key markets • Leads in Singapore (HQ), Hong Kong and mainland Singapore (HQ), growing in Mainland China and Hong
strong in Hong Kong, China - Focus on the GBA Southeast Asia, esp. Kong - Focus on the GBA
growing in rest of Asia Indonesia
Foreign banks bring global expertise and build scale
Leading traditional foreign banks are looking to grow their client-facing teams and build
scale in the region, using Singapore and Hong Kong as their wealth hub and bringing their
sophisticated wealth management products and expert advice.
Digital HSBC Citi SCB UBS
capabilities
Overview •Largest foreign bank in •Focus on digital banking • Top European bank in • Largest private bank in
Asia, but lags in wealth clients in Asia; expects Asia; strong focus on PB Asia; early adopter of
management (WM) and 10% growth in wealth and WM; digital strategy digital banking; now focus
private banking (PB); business, led by digital accelerated via Singapore, on tech solutions for
accelerating digital acceleration post COVID- Hong Kong affluent market
upgrades 19
Digital account •Rolled out digital •Provides online account •Provides this option in its •Applied for digital
opening / onboarding investment account opening opening option for all first virtual bank Mox banking and WM in
in Hong Kong in October affluent clients (Priority, launched in Hong Kong; mainland China (GBA);
2020 Gold and Private) plans to launch next in aiming for low-cost growth
Singapore
Research and insights •Wealth Insights Hub for • Wealth Insights for •Embedded features to • Updates on investment
real-time analysis and market research reports and access research tools, track opportunities; research and
insights; Wealth in-depth articles portfolio performance, market insights that impact
Dashboard for multiple • Reuters Stock Analytics analyse market movements portfolio (CIO House
views to analyse portfolio tool for market insights View)
Portfolio management •Wealth Portfolio Plus • Total Wealth Advisor to • DigiAdvisory, MyRM – • UBS Manage, portfolio
and advisory helps track progress, uses set goals, manage assets new tools for virtual managed by experts
risk and scenario analysis, and track performance • interaction with RMs; for •UBS Advice combines
and analytics for informed Portfolio 3 60° provides market updates with analytics, expert advice to
decisions multiple scenario analysis tailored advice optimise portfolio
Financial planning •Wealth Planner maps •Financial planning tool • Nil • Long-term strategy advice
wealth goals and financial Portfolio analyser, which based on risk tolerance
health online integrates and diversifies from expert CIO advisors
• Pinnacle (mainland risk with portfolio stress
China) for mobile wealth tests
planning
Online trading Wide-ranged online trading • eBrokerage to invest in • Online trading across • Online trading in equities,
(stock, bonds, funds, trusts, securities, monitor price, many exchanges and bonds and funds in global
FX); new low-cost track trading movement markets; dedicated FX tool markets incl. Hong Kong,
FlexInvest launched in • eFX provides access to for latest price alerts, FX SG, US and UK
Hong Kong global FX market updates

Tools for relationship •Blackrock’s Aladdin •Live Chat, Hello, Virtual •MyRM uses Big Data to • Direct connect with
managers (RMs) Wealth platform with Remote Engagement tools help RMs advise premier advisors using Skype,
enhanced portfolio analysis, – live chat, audio and video clients; incl. chatting, WeChat, WhatsApp
construction capabilities for banking for affluent Asian calling, file and screen • Increased focus on
RMs clients sharing productivity of RMs
Key internal •AI, Big Data to assess •Robo-advisory •Has partnered with •Data analytics
technologies being stocks with long-term FinTechs for AI,
returns to build wealth roboadvisor
used • Partnered with Bambu for
its robo-advisory services
Key markets •Hong Kong (largest •Strong in Hong Kong, •Largest market Hong •Singapore and Hong Kong
market), Singapore and Singapore; wealth focus Kong, followed by
mainland China increased in mainland Singapore, mainland China
China and India
 Market Overview
There is a clear gap in Asia for a powerful, compelling, sophisticated-yet-easy-to-use digital wealth
management offering aimed at the region's emerging and growing wealthy. In individual domestic markets,
some local banks put in a good showing, as to a handful of WealthTechs. In the region as a whole, only a
couple of universal banks appear to have the product shelf and economic clout to truly dominate.

----- Larry Campbell, Partner,

Head of Financial Services Strategy, KPMG Asia Pacific

 Singapore, Hong Kong most well-developed for wealth management
Singapore and Hong Kong are the most supportive and developed markets for wealth management in Asia,
however, there are significant growth opportunities in the rapidly growing affluent and middle-class
populations of mainland China and India

Comparing digital wealth management (WM) and private banking

(PB) in the eight Asian markets

• Strong growth in relatively small UHNWI population; and in trusts, family offices
• Rising wave of tech-savvy consumers embracing digital banking solutions
• Top WM and PB hub in Asia and best location for offshore WM; threat to mainland China, Hong Kong;
Singapore witnessing a shift towards onshore WM
• Government support – one of the strongest in the region
• Most top banks actively collaborating with FinTechs
• Highest range of digital PB and WM services; also, with the most advanced features

• Top-class IT infrastructure, but small HNWI market and low mobile banking adoption

• Rapid WealthTech growth; high offshore WM demand

Hong Kong
• Good government support (virtual banking, cross-border collaborations, new payment
(SAR) China mechanisms)

• Strong presence of foreign banks, esp. in WM and PB

• Largest market with highest mobile banking adoption (78%) and growing upper middle-class

• Growth in WM platforms and rapid tech adoption by traditional players; high demand for robo-
Mainland advisory

• Moderate government support, with initiatives such as WealthConnect and online-only banks
China
• Domestic banks dominate, but economy opening up

•Second-largest market with big mass affluent segment4, but slow internet penetration

•Rapid growth in UHNWIs, though limited tech adoption and favour advisory WM style

• Govt. promoting digital financial services, but limited support in WM

India • Traditional banks lead WM and PB segment, though FinTechs booming

• Demand mainly for cost efficient WM products and advisory services

 • Large millionaire population, but slow adoption of digital banking and WM services

• Untapped, less-satisfied HNWI market; potential for digital WM advice to grow

Australia • Rising demand for efficient robo-advisory WM services

• New rules make Big4 banks divest WM and bolster PB

• Small but rapidly growing HNWIs; low demand for financial advice due to conservative investors

• Strong internet penetration; leader in e-wallet use in Southeast Asia; strong Islamic finance
segment

Malaysia • Rising technology spend; focus on strengthening cross-border capabilities

• Rising preference for digital banking

• Government stimulating digitisation in banking and capital markets; although strict requirements a
hindrance

• Growing UHNWIs, but prefer liquid assets

• Attractive destination for onshore wealth businesses

Indonesia • Large unbanked population but growing digital wallet adoption

• Growing preference for Shariah Financial Services among mass affluent segment

• Government promoting FinTechs, with strong focus on governance and consumer protection

• Foreign players much ahead of local banks in terms of digital wealth capabilities

• Rapid growth in mobile payments; one of the fastest rises in UHNWIs in Asia, however,
preference for basic investment products

Vietnam • Banks focus more on retail banking, with WM and PB in nascent stage, although slowly gaining
momentum with some tech collaborations

• Government promoting FinTechs and non-cash payments, but lags behind in stimulating capital
markets activity

Note(s): The eight markets have been ranked on how evolved the wealth management and private banking space is in
each market. These rankings are only indicative and have been based on several factors including digital advancements,
regulatory environment, macro-economic view and key consumer trends.
 A need to grow advisory teams and develop low-cost solutions
Banks should strengthen their advisory teams and use their presence in Hong Kong to tap the growing HNWIs in the
rest of the GBA, as well as develop low-cost and efficient solutions for the growing middle-class in mainland China
and India

Opportunities and recommendations for digital wealth management

(WM) and private banking (PB) players in these markets

• Hire private bankers, bolster teams focusing on trusts and family office clients
• Partner with top B2B digital WM providers for efficient, low-cost automated processes
Singapore • Strengthen digital trading and portfolio recommendations
• Invest more in Big Data for tailored, predictive solution

• Use WealthConnect to grow market-share in the GBA

• Invest more in AI and Big Data analytics to develop tailored forecasting, risk and investment
Hong Kong models

(SAR) China • Expand trading to other international stock markets

• Leverage robo-advisory solutions to offer personalised financial advice

• Customise digital channels to cater to the needs of the younger generation of clients

• Focus on efficient WM products for rising upper middle-class market

Mainland • Use AI and data-driven technologies internally at large scale for efficiencies

China • Offer wider range of WM and PB services online with accelerated digital adoption post COVID-
19

• Collaborate with emerging FinTechs in the wealth space

• Grow presence in digital WM; focus on developing robo-advisory and efficient solutions for
mass affluent clients

India • Strengthen WM advisory team to offer high quality customised advice to UHNWIs

• Develop and launch their own dedicated WM platforms

• Increase investment in AI and Big Data analytics to develop efficient solutions

 • Major opportunity to capture market share as Big4 banks withdraw from WM businesses

• Grow robo-advisory offerings to meet rising demand

Australia • Partner with FinTech firms to develop new solutions or launch own digital products and services
targeting HNW clients

• Focus on bolstering technical capabilities to support wealth managers

• Partner with e-wallets and FinTechs to enhance cross-border remittance capabilities and user
experience

Malaysia • Educate HNWIs about the benefits of investment in different WM products

• Combine digital and human capabilities to offer personalised solutions

• Invest in strengthening digital wealth capabilities using data-driven technologies

• Focus on educating investors on long-term WM

• Build hybrid robo-advisory service to offer personalised financial advice to UHNWIs

Indonesia • Invest in advanced data-driven technologies to enhance client experience

• Collaborate with digital wallets for wider reach

• Strengthen digital trading and expand across international stock markets

• Educate HNWIs about varied WM products

• Offer more personalised advice and new digital products to enjoy early mover advantage
Vietnam • Launch digital platforms that allow users to invest and park their excess money kept in digital
wallets into liquid assets

• Promote brand image and well-secured banking environment to win customer confidence

Note(s): The eight markets have been ranked on how evolved the wealth management and private banking space is in
each market. These rankings are only indicative and have been based on several factors including digital advancements,
regulatory environment, macro-economic view and key consumer trends.
 Industry Trends
Focus on technologies offering efficient solutions to mass affluent clients

Technologies that offer cost-effective solutions are becoming increasingly popular among the
mass affluent section of Asian markets, as shown by the growth in robo-advisors which are
cheaper, accessible round-the-clock, and offer more efficient advice than a traditional financial
advisor.

This has led to many affluent investors, particularly those with medium -sized portfolios, taking
advantage of this new operating model.

Banks should focus on strengthening such offerings, particularly in markets such as mainland
China and India, that have a rapidly growing upper-middle class population.

Key markets

Mainland China

India

Growing demand for succession planning in Asian HNWI families

As HNW business families in Asia are quite young (led by first/second generation), succession
planning will become increasingly important as these families grow.

Although its existing demand is low (a 2019 survey reported only 40 percent of Asian HNWIs were
planning for succession), relationship managers have reported an all-time high for succession planning
requests.5 Moreover, COVID-19 has served as a key trigger event for Asian families to act on their
wealth transfer plans.

Banks should try to augment their succession planning services to these HNWIs by:

Offering personalised advice (e.g., experienced advisors building trust with older family
members as well as grooming their younger generation)
Bolstering online offerings (e.g., Kotak’s Smart Will tool helps clients prepare a will for
seamless wealth transfer to their heirs)
Key markets

Mainland China India Singapore

Hong Kong (SAR), China
 Universal banks need the vision and will to invest in AI and Big Data, step up the pace of digital
transformation, and be open to strategic partnerships. Those that are prepared to also pay top
dollar for empathetic, informed and broad-minded relationship managers whose connectivity with
customer needs and challenges can be bolstered by technology can provide clients with a wealth
management experience that truly delights.

~Larry Campbell, Partner,

Head of Financial Services Strategy, KPMG Asia Pacific

Accelerated digital adoption post COVID-19

COVID-19 has pushed many wealth management clients to online channels for remote interaction,
particularly in the mass affluent segment (younger tech savvy clients), several banks in Asia have
started providing their complete range of services remotely.

Other banks should also try to increase the range of their online banking and wealth management services.
They should look to evolve from basic offerings, such as portfolio management and statement viewing, to
more advanced features, such as portfolio recommendation, trading, robo-advisory and virtual interactions.

Banks should also train their client-facing advisors on virtual advisory skills, both one-on-one sessions
with clients as well as broad-based webinars.

Key markets

Mainland China & Singapore

Benefit from growth in family offices

Banks should try to strengthen their position in sophisticated markets such as Singapore and Hong
Kong, to benefit from the growth in the wealth of family offices in these regions.

One way would be to look for more partnerships and acquisitions in WealthTech firms and use their
advanced solutions to attract more private family investments.

E.g., Credit Suisse acquired a 10% stake in WealthTech firm Canopy and integrated its automated
solution for family offices, providing a consolidated view of assets, onto its digital private banking
platform in Singapore and Hong Kong.
Another would be to bolster the teams focusing on family office clients and hire more client-facing
private bankers.

Key markets

Singapore & Hong Kong (SAR), China

Digital capabilities
Comparison of digital capabilities of leading wealth management and private banking
players
Scale: Comparative view of digital
capabilities across eight markets

Low High

Hong Kong (SAR),

Category Digital capabilities / offerings Singapore Mainland China India
China

Portfolio statement’s view 100% 100% 73 % 100%

Access to investment research and
82% 70% 6 4% 80%
insights

Customer Portfolio management 100% 90% 55% 70%

features Portfolio recommendation based on
55% 6 0% 55% 50%
risk appetite
Digital account opening 91% 100% 55% 70%
Financial planning, analysis, goal and
91% 20% 55% 50%
investment tracking
FX trading 6 4% 6 0% 55% 3 0%
Equity trading 73 % 70% 27% 100%
Digital Fixed Income trading 36% 3 0% 27% 70%
execution Structured Products booking 18% 20% 18% 10%
Funds (ETF) trading 55% 6 0% 6 4% 100%
IPO subscription 50% 27% 40%
Robo-advisory 6 4% 70% 45% 20%
Internal B ig data analytics 36% 3 0% 9% 3 0%
solutions
Digital offering to facilitate client
91% 50% 55% 50%
interactions

Category Digital capabilities / offerings Australia Malaysia Indonesia Vietnam

Portfolio statement’s view 89% 90% 86 % 50%
Access to investment research and
6 7% 70% 43 % 17%
insights
Portfolio management 56 % 90% 71% 17%
Customer
features Portfolio recommendation based on
44% 40% 14%
risk appetite
Digital account opening 89% 90% 57% 17%
Financial planning, analysis, goal
33% 80% 43 % 17%
and investment tracking
FX trading 29%
Equity trading 56 % 50% 17%
Digital Fixed Income trading 11% 20% 14% 17%
execution Structured Products booking
Funds (ETF) trading 56 % 40% 43 % 17%
IPO subscription 11% 20% 14%
Robo-advisory 44% 3 0% 14% 17%
Internal Big data analytics 40%
solutions
Digital offering to facilitate client
interactions 22% 6 0% 29% 17%
The percentages are calculated based on the total number of banks considered in each market (Singapore: 11; Hong Kong (SAR), China: 10; Mainland China: 11; India: 10; Australia: 9;
Malaysia: 10; Indonesia: 7; Vietnam: 5). Cells with no value represent that no bank offers that digital capability based on our research. Source: KPMG analysis based on data from
company websites and annual reports
 Major trends in digital capabilities of wealth management and
private banking players

Advanced client-facing features from

WealthTech firms

WealthTech players are pushing the boundaries in wealth management across most markets with
their advanced client-facing capabilities, such as intuitive and comprehensive dashboards and
intelligent portfolio recommendations, which are available to both, investors as well as financial
institutions.

Another key aspect has been their development and strong application of internal solutions, such
as data analytics and robo-advisor platforms.

Partnering with some of the leading and emerging WealthTech platforms in each market can be
highly beneficial for banks, as such features will help their advisors increase conversion rates, client
engagement and the overall Assets Under Management (AUM)

Key markets

Mainland China Australia Singapore

Banks strengthen digital tools, capabilities of

relationship managers

As digitalisation has given clients access to a large amount of data, it has become important for banks to
empower their relationship managers with advanced tools and capabilities to offer quick, tailored and
intelligent advice.

There are several features being offered by FinTechs targeted to support financial advisors that banks
can look to develop or acquire. These include:

better data visualisation tools, and easy to use dashboards processing live and historical data to get
talking points for client meetings storytelling tools for better and effective video interactions voice-
to-text technologies to speed up post-discussion call notes AI, machine learning and analytics to
help boost recommendations.

These help the advisors make a stronger case for their investment ideas.

Key markets

All markets, with a focus on UHNWIs

 Increased focus on leveraging Big Data analytics

With growing success in retail banking, investments in Big Data analytics are now witnessing a rise in
the wealth management and private banking segment.

Banks are looking to gain from the benefits offered by these analytics, including:

understanding client diversity and events that drive revenue and loyalty getting insights on client
behaviour, financial attitude and investment motivation using payments and spending data to
predict investment patterns as well as data mining for prospecting new clients

As big banks are in a strong position to leverage their existing data, they should look to increase
investments in developing (or acquiring) such advanced analytics capabilities, especially in large
as well as sophisticated markets in Asia, that help in generating useful client insights to offer
targeted financial products.
Key markets
Mainland China Singapore India

Banks look to integrate trading services into their online platform

Given their wider product offerings vis-à-vis wealth managers, most leading banks across Asia offer
trading services to their clients on their online platforms and apps.

These include investing in securities and funds, monitoring stock prices and providing real-time
quotes and research insights. Moreover, stock analysis tools help analyse market movements and
identify market entry or exit points.

Although many banks in Asia provide a range of such services, they can further expand their reach
using their strong presence and cross-border connects across Asia.

Also, the trading-related news alerts (tailored as per portfolio), can be improved to match players
such as DBS, which provides detailed market analyses and commentaries as alerts.

Key markets

Hong Kong (SAR), China Singapore

 Macroeconomic view
Key macroeconomic statistics on digitalisation in wealth management and private
banking space
Scale: Comparative view of digital
capabilities across eight markets
Low High

Hong Kong (SAR),

Key metrics Singapore Mainland China India
China
Internet penetration (%) 88% 91% 59% 50%
Internet users (million) 5.1 6.8 854.5 687.6
Growth (%) +5.3% -0.03% +3.1% +23.0%
Mobile connections (million) 8.6 13.6 1,610.0 1,060.0
Growth (%) +1.7% +2.8% +4.3% -1.4%
Adoption of mobile banking in
* 41% 30% 78% -
2018 (%)
Transaction value in digital
15.4 14.5 2,309.0 74.0
payments (US$ billion)
Growth (%) +24.0% +17.0% +32.8% +34.3%
Total HNW population (million) 0.3 0.6 7.3 0.3
Growth (%) +4.9% +9.7% +8.6% +5.4%
Total UHNW population 3,306 2,737 61,587 5,986
Growth (%) +9.5% -8.5% +14.7% +0.2%
Grab WeChatPay Alipay Paytm
Preferred digital wallets
Paylah (DBS) Alipay WeChatPay Google Pay

Key metrics Australia Malaysia Indonesia Vietnam

Internet penetration (%) 88% 83% 64% 70%
Internet users (million) 22.3 26.7 175.4 68.2
Growth (%) +1.2% +3.6% +17.0% +10.0%
Mobile connections (million) 32.9 40.7 338.2 145.8
Growth (%) +1.3% +0.4% +4.6% +1.9%
Adoption of mobile banking in
* 43% 41% - -
2018 (%)
Transaction value in digital
53.8 12.3 35.7 8.6
payments (US$ billion)
Growth (%) +16.3% +21.7% +27.6% +19.3%
Total HNW population (million) 1.5 0.02 0.02 0.03
Growth (%) +7.4% +6.6% +1.5% +11.8%
Total UHNW population 3,796 675 675 458
Growth (%) +5.2% +2.1% -1.60% +7.3%
Apple Pay Grab GoPay Payoo
Preferred digital wallets
Google Pay Touch n Go OVO MoMo
Note(s): *Data used for adoption of mobile banking is for 2018 for each market (in order to maintain consistency)
 Key macroeconomic trends on digital adoption in wealth
management and private banking space

Low satisfaction levels from current financial advice

According to a recent study, the wealthiest 30 percent Australians were less satisfied with their banking
relationships vis-à-vis the bottom 30 percent, and this gap has widened during 2013–18, reflecting the
unmet advice needs of HNWIs.

Similarly, a 2019 KPMG report revealed that digital offerings of wealth managers in Hong Kong do not
meet client expectations, owing to limited online services and lack of customisation and self-service
functionality. While HNWIs in Singapore want real-time analysis and reporting on their portfolio as well as
automatic portfolio re-balancing in response to market events.

This is a major opportunity for banks as they can benefit from the unmet demands in these markets by
developing such digital offerings as well as encouraging their advisors to strengthen their relationships with
clients.

Key markets

Australia Hong Kong (SAR), China Singapore

Growing UHNW population creating demand for personalised solutions

Asia’s UHNW population is expected to increase significantly over the next five years, thereby creating
demand for more sophisticated and personalised wealth management advisory services.

Since these clients prefer a mix of both digital and personal engagement to meet their advisory needs, banks
should focus on strengthening the digital capabilities of their RMs along with investment in advanced
technologies.

They should build predictive models that forecast future investment growth and provide real-time analysis
for investments tailored to clients’ goals. They should also focus on boosting their virtual advisory
proposition as the pace of digitisation in private wealth management has accelerated during the COVID-19
pandemic.

Key markets

Mainland China India Indonesia

 New opportunities growing middle-class and mobile banking adoption

High rates of internet penetration in Asia have led to an increase in the adoption of online and mobile
services, such as e-wallets and mobile payments. This has made wealth management products accessible to
the large and growing middle-class population in the region at lower costs.

Banks having strong presence among the HNWIs should now increase their focus on the untapped
investment opportunities in these mass markets. They can learn from the strategies of certain upcoming
payments firms (probably even look for partnerships) and offer short-term liquid investment options, such
as money market funds, to channelise the currently idle wealth of this population.

Also, since these clients are fee-sensitive, banks should develop efficient solutions, such as robo-advisory,
that offer personalised services to them at a lower cost.

Key markets

Mainland China India Indonesia

Strong hold of tech players in e-wallets/ mobile payments

In markets such as mainland China and Hong Kong, technology giants dominate the online and mobile
payments system, sidelining the banks from this intermediary role. Also, there are several e-wallets and
payment platforms emerging in other markets.

Like most traditional banks in Asia, large foreign banks should aim to collaborate with all leading
digital payment platforms (from major players such as Alipay or Apple Pay to smaller upcoming
players) to cover the maximum population.

Simultaneously, banks should aim to expand their own payment interfaces, such as HSBC’s PayMe in
Hong Kong and SimplyPay in India, to more markets within Asia as well as the private banking and
wealth management segments.

Key markets

Mainland China Hong Kong (SAR), China India

 Regulatory environment
Regulatory developments that support digital wealth management and private
banking
Regulations Hong Kong (SAR),
Singapore Mainland China India
related to China
FinTechs • New Act supporting • Introduced FinTech • Tightened regulations • Regulatory sandbox for
payment FinTechs Supervisory Sandbox 2.0 on FinTechs FinTechs; New
• Sandbox Express for department to focus on
FinTech innovations FinTech
Digital • Issued nine virtual • Issued eight virtual bank • Step towards digital- • Guidelines for inter-
banking banking licences (2020) licences (2019) only banking licences operability of e-wallets
• Allowing existing banks • Expanded adoption of • New online lending • Ombudsman Scheme
to launch digital banks Faster Payment System rules for digital transactions
Open • More market-driven • Phase I and II launched • Market-driven and in • Managed by non-
banking • Asia Pacific leader in in 2019; next update in its infant stage banking financial
open banking readiness 2020 company – account
aggregators

Cyber-security • New mandatory cyber • Enhanced cyber • Cybersecurity and • No dedicated cyber-
resilience requirements resilience personal data security law, comes
protection under IT Act
Other • Relaxed rules for robo- • Relaxed taxation system • New asset • New guidelines for
initiatives advisors • Unregulated trustee management rules digital KYC
• Launched guidelines for services • Outbound investments • Introduced Investment
fund managers Advisors Regulations

Regulations
Australia Malaysia Indonesia Vietnam
related to
FinTechs • New rules to allow • Increased collaboration • Increased collaboration • Plan to launch
start-ups to conduct with regulatory bodies with regulatory bodies regulatory sandbox for
banking business • Implemented digital • Implemented digital FinTechs
• Enhanced its Reg. financial innovation rules financial innovation • Dedicated team to
Sandbox benefits rules promote FinTechs
Digital • Several neobanks • Licensing framework for • Allowing commercial • Measures to bolster
banking currently operating digital banks banks to provide digital non-cash payments
• APRA proposed digital • Started digital investment banking services
wallet regulations management framework
Open • Government-driven • Encouraging banks to • Standardised • Working on a draft
banking • Rolled out open banking adopt standards of open implementation of circular for application of
in 2020 application programming open banking by 2025 open APIs
Interfaces (APIs)
Cross-border • Working with NZ and • Building up cross-border • Entering cooperation • Certain restrictions on
services and South Pacific banks to payments infrastructure agreements with investing outside
payments reduce cross-border different markets in Vietnam
payment costs Asia Pacific
Cyber-security • Released new 2020 • Lack of strict cyber • Draft of Cyber Security • New law on cyber-
Cyber Security Strategy security laws and Resilience Act security
Other • Proposal to place limits • Increased tax rates and • Strengthening money • Relaxed foreign
initiatives on cash payments to restricted stamp duty market infrastructure ownership restrictions
benefit digital payments remissions • Initiatives to
• Renewed Governance, • Legalised digital asset strengthen payment
Culture, Remuneration and crypto trading landscape
and Accountability
(GCRA) standards
Singapore
Strong internet penetration and tech-savvy customers pushing the adoption of
digital tools and channels
Home to a growing Ultra HNWI (UHNWI) population
Singapore has been one of the top 10 locations in terms of growth in UHNWI residents. In 2019, there were 3,306 UHNWIs residing in
Singapore. This figure is projected to grow by 29 percent by 2024.
• Since 2000, wealth per individual in Singapore has increased 5.3 percent, considerably higher than the growth rates in Asia
Pacific.

~0.3M
People with $1+ million in
~75%
In terms of household
investable assets (including wealth per adult
their primary residence), within Asia and sixth
reflecting high average in the world
wealth
Rising wave of tech-savvy consumers Growing adoption of digital and mobile
banking as well as digital payment
The well-established IT infrastructure of
channels such as e-wallets
Singapore has made its consumers more tech-
savvy, driving them to increasingly demand Being a home to tech-savvy customers and with a strong
technologically advanced products over internet and smartphone penetration, the adoption of
traditional offerings. This also makes them mobile banking in Singapore has grown, up from 53
readily embrace digital tools and digitalised 17
percent in 2018 to 65 percent in 2019. However, it is
investment products. still significantly lower than that of mainland China.

The digital payments space of the Singapore market is

developing at a rapid pace with consumers shifting to
Internet penetration in digital wallets and QR codes from the card-based system.
By 2020, digital payment users are projected to reach 3.1
Singapore, with a total
million and by 2021 digital wallets are expected to make
88% of 5.1 million internet users ~22.5 percent of e-commerce sales.

Grab, DBS’ Paylah, Favepay, EZ-Link and

Alipay are the leading wallets in terms of usage
and hold significant market share.

of all internet users use of a

82% smartphones to access the internet Singapore citizens
used mobile banking
65% in 2019, compared
with 41% in 2018

The consumers in the market are also

increasingly demanding more interaction and
better digital experiences, creating opportunity
for banks to enhance their digital offerings,
15.4B Total transaction value
in digital payments
projected by 202020
launch new innovative products and provide
customised finance solutions.

According to a recent survey conducted by

Finder, Singapore is ahead of many markets in
terms of digital banking adoption. It revealed
that currently 20 percent of adults have an
account with a branchless bank, and this figure
is expected to rise to 33 percent by 2025.

Moreover, the COVID-19 pandemic is likely to

act as a catalyst in digital transformation in the
market and fuel the adoption of digital banking.
Hong Kong
(SAR),China
Efficient IT infrastructure with growing online and mobile
banking adoption
One of the best IT infrastructures globally
Hong Kong has one of the world's most sophisticated IT infrastructures, ranking third on average fixed broadband internet
speed and fourth in terms of 4G accessibility in 2019. As a result, the leading banks in Hong Kong have spearheaded a
strong wave of technological enhancements over the past two years.

91% ~75%
Internet penetration in Hong Smartphone penetration in Hong Kong,
Kong, with a total of 6.8 million with 97% of all internet users using a
internet users smartphone to access the internet.
Growing adoption of advanced digital Home to a growing UHNW
services such as mobile banking and population
digital wallets Hong Kong has grown in stature
With strong internet and smartphone as a wealth management centre,
penetration, the adoption of mobile banking owing to a large concentration of
in Hong Kong is growing. However, it is UHNW population driving
still significantly lower than that of demand for digital financial
mainland China, leaving ample room for services. Offshore clients also
improvement. The usage of mobile wallets make up an important part of the
is rising rapidly as it offers more sector.
personalised services, seamless payment
experiences, and integrated payments.
interfaces to customers.
People with net worth
WeChat Pay, Alipay and O!ePay are the
over US$1 million
leading players in terms of usage and
(Including their primary
have gained significant market-share in
the past few years35
~0.6M residence), witnessing
growth of 123%
HSBC’s PayMe is also one of the most during 2014–19
successful payments apps in Hong
Kong, with over 70 percent of Hong
Kong millennials using it36
In terms of UHNW
#1 population per capita,
globally
Hong Kong citizens
used mobile banking

43% in 2019 to interact

with their banks,
Marked improvement in meeting
HNWI’s digital expectations
compared with 30% According to KPMG’s Hong Kong Private Wealth
in 20183 7 Management Report 2020, wealth managers marked a
significant improvement in meeting clients’ digital
expectations, compared to 2019, driven by firms
accelerated digital transformation and a clear focus on
Consumers are active digital client engagement, as a result of COVID-19.
users of mobile
~90% wallets, with ~60% Private wealth management
using their mobile firms believe that their
wallet every week3 8
59% digital offerings meet client
expectations
Mainland China
One of the biggest internet markets, seeing a large-scale shift to digital
payments and mobile banking

Large and growing mobile and internet population

Although the internet penetration rate in mainland China is lower than several key European markets, its total number is
significantly higher and continues to rise. With rapid urbanisation and a high rate of mobile phone penetration, the market is
experiencing a strong growth in the adoption of online and mobile banking services.

78%
Mainland Chinese
59%
customers use Internet penetration in mainland
mobile banking to China, with a total of 854.5 million
interact with their internet users >99% of internet users
banks surf the internet via mobile phones
Shift to online payments and digital
wallets Tech firms dominating the payments
landscape
The robust growth of smartphone adoption in
This transformation has seen the rise of two
mainland China has created ample opportunities for
major digital payment platforms, Alipay and
the digital payments system to develop at a rapid
WeChat Pay, subsidiaries of two of mainland
pace. Taking advantage of this, mainland China has
China’s largest Technology firms, Alibaba and
been able to completely transform its payments
Tencent, respectively.
landscape, with digital wallets and QR codes quickly
replacing the card-based system. Both the platforms have a substantially
large base of active users, with Alipay
reaching 1.2 billion monthly users in
Total transaction value 2019 while WeChat Pay surpassed the
one billion user mark.
in digital payments the
highest projected by
$2.3T 2020 —transaction Of all mobile
value across all payments are made
markets. over two platforms —
92% Alipay (53%) and
WeChat Pay (39%)
Mobile point of sale
payments projected
$1.1T by 2020.
of people in mainland
China’s largest cities
use WeChat Pay and
>90% Alipay as their primary
payment method,
followed by cash and
debit/credit cards.

As a result of their dominance, banks have

gradually been sidelined in the payments
space and a majority of their share of being
the intermediary for payments has been
acquired by these large technology players.
Australia
Large HNW population with growing online and mobile banking
adoption
Rise in mobile banking and payments
Australia has high internet penetration and is witnessing growth in mobile usage for accessing banking services and
making payments. Consumers are increasingly becoming comfortable with the latest technologies in this domain,
such as tap-and-go.

88% 90%
Internet penetration in Customer satisfaction in
Australia, with a total of mobile banking, the
22.3 million internet fastest growing banking
users channel in Australia
Slow adoption of advanced digital Large HNW base with growing
services, e-wallets demand for digital financial services
Digital wallet adoption in Australia, although
rising, is substantially behind most countries.
There is still a long way forward for the market to
move from simple mobile payments to more
People with over US$1
extensive uses, such as loyalty programmes, million in investable
mass transit ticketing and many other assets (including their
innovations. 1.5M primary residence), the
third-largest HNW
population in Asia
Pacific.
Australians use digital
wallets (vis-à-vis >50%
in many other Asian Growth expected in
9.8% markets), with Apple Pay
Australia’s HNWIs
during 2020–24 to reach
being the most popular 34% 2.1 million; UHNW
population to grow at
29% to reach 4,881
Banks do not offer
account integration with Destination for migrating
23% Apple Pay, Google Pay
or Samsung Pay
HNWIs globally; 11%
#1 HNWIs who moved out
of their home countries in
2018 took up residency in
Australia

The market opportunity in Australia is home to the third-largest HNW

population in Asia Pacific, with a rising
Australia needs to be understood in demand for digital financial services, such
the context of both equity in as robo-advisory services in wealth
management.
property and the mandatory
Moreover, with strong growth expected in
superannuation system (including the size of this demographic in the coming
self-managed super funds), as years, it is likely to lead to major
major drivers of private wealth. opportunities for private banks and wealth
managers to address the advisory needs of
this group.

— Hessel Verbeek, Partner,

Strategy, KPMG Australia
Malaysia
Growing e-wallet payments, digital banking adoption and HNWIs with
strong internet penetration

Robust internet and smartphone penetration

Malaysia was ranked 30th in the Global Connectivity Index 2019 and received top score in terms of internet and smartphone penetration.
Overall improvement in internet accessibility, speed and affordability has driven strong penetration rates

In 2019, 25.9 million people used a mobile device to access the internet, which is about 96 percent of all internet users.

83%
Internet penetration in Malaysia,
90%
Smartphone penetration
with a total of 26.7 million internet in 2019, well above Asia
users in January 2020 Pacific’s average penetration
rate of 51%
 Rising preference for digital banking

Rise in digital payment transactions via wallets The preference for digital banking service is rising
among Malaysians.
The increasing availability of smartphones, strong internet
Based on an online survey conducted by KPMG in
access, high adoption rate for digital payment channels and
Malaysia, to assess customer appetite and concerns
the government’s efforts have stimulated the growth of for digital banking, about 77 percent of 1,220
payments systems in the market. Moreover, COVID-19 has respondents expressed that they believe digital
further accelerated this rate of adoption. banking is the next evolution in the FS sector

Also, nearly 82 percent of them stated that they

were already using internet banking.

Total transaction value in digital

payments projected by 2020 —
$12B expected to grow at CAGR of Malaysians are expected to
9.8% between 2020–24 ~8.4M have a digital-only bank
— Study by Finder.com

The survey also revealed that ~82 percent of the respondents

Mobile point of sale would consider opening a bank account through online
platforms if they were regulated by Bank Negara Malaysia
payments projected by
$1.1B 2020 — expected to reach In line with this trend, several local as well as global banks
US$5 billion by 2024 operating in Malaysia are focusing on expanding their digital
banking capabilities.

Small HNWI market but rapid growth

According to Mastercard Impact Study 2020,
expected
Malaysia is the leader in terms of e-wallet
usage in Southeast Asia.Its digital wallet usage Although the HNW population in Malaysia is
stood at 40 percent, ahead of Singapore at 26
substantially smaller than other developed Asian
percent.
markets, it has been growing at a fast pace.
As per JP Morgan estimates, the fast adoption
of e-payments channels could lead digital As per the Knight Frank Wealth Report 2020,
wallets to surpass cash usage in the Malaysian Malaysia is likely to see one of the highest growth
market by 2021. rates for HNWIs globally, rising at 85 percent
(global average 28 percent) during 2019–24 to
In November 2020, e-money transactions
reached 200.8 million, 11.6 percent higher as reach 37,900. Its UHNWI population would grow
compared to last year. to ~913 by 2024 from ~675 in 2019.

As of December 2019, there were 53 e-wallet

platforms operating in Malaysia, with GrabPay, People with US$1+ million net
Touch ‘n Go, Boost, and Fave being the most worth (including their primary
preferred. ~20K residence), expected to grow at
85% during 2019-24

Growth expected in
35% Malaysia's UHNWI
population during 2019– 24

The expected rise in the number of affluent individuals in

Malaysia can be attributed to a favourable political and
economic environment that is likely to support wealth
creation and protection. Further, restored confidence in real
estate market is expected to drive a rise in wealth.
Indonesia
Despite an unequal distribution of income and wealth, strong growth in
UHNWIs and e-wallet payments

Growing internet penetration

With an internet penetration of 68 percent, Indonesia has over 185 million internet users who are heavily concentrated in Jakarta and
secondary cities in Java and Sumatra.

According to a survey by the Association for Internet Service Providers in Indonesia (APJII), internet penetration is 72 percent in urban
areas, 50 percent in rural-urban areas and 48 percent in rural areas.

Mobile internet usage is also undergoing double-digit growth rates and currently stands at over 61 percent among the population.

68% 60%
Internet penetration in Smartphone penetration,
Indonesia, with a total of well above the Asia
185 million internet users in Pacific’s average
July 2020, as compared with penetration rate of 51
64 percent in January percent
2020
 Growing UHNWIs, but preference for
Rise in digital payment transactions via wallets liquid assets
The increasing availability of smartphones in the market, growing According to the Knight Frank Wealth Report 2020,
adoption of digital channels and the government’s financial inclusion th
Indonesia is ranked 45 globally in terms of UHNWI
efforts have created room for the digital payments system to grow at a
population and is further expected to grow by 57
rapid pace in the market.
percent over the next five years, the second-highest
increase in Southeast Asia and the fifth-highest increase
in the world.

The rise of affluent individuals is expected to be driven

by increasing employment levels, strong predicted retail
Total transaction value in investment growth and the government’s regulatory
digital payments projected reforms aimed at boosting investments.
by 2020 — expected to
~$36B grow at CAGR of 15.7
People with over US$1
percent between 2020–24
million in investable
~21K assets (including their
primary residence);
expected to grow
to~33,000 by 2024
e-Wallet payments have grown significantly, with
GoPay, OVO, DANA, LinkAja, and Jenius being the
top five e-wallet platforms (based on monthly active
users from 2017-19).
In terms of investment preferences, Indonesian
As of February 2020, 41 licensed e-wallet HNWIs are very conservative and prefer to hold
platforms have been approved by the the majority of their investments (89.9 percent)
government. in liquid assets such as equities, mutual funds,
deposits and bonds. However, deposits remain
This number is expected to grow with the the top choice among retail investors,
entry of mainland Chinese payment service accounting for two-thirds of total liquid retail
provider, AliPay, in partnership with Bank savings and investments in 2018.
Mandiri and BRI.
This brings opportunity for the wealth
managers to invest widely in liquid assets for
their HNW clients and provides a scope for
them to educate these clients to increase their
investments in other assets as well.

Large unbanked population; high

inequality in distribution of
wealth
About more than half of the Indonesia’s
population is unbanked or do not have access
to financial services.

Moreover, about 82 percent of the adult population

in Indonesia has wealth of less than US$10,000
and the share of the top one percent in the total
household wealth is 45 percent, which is
significantly higher by international standards.

The growth of wealth in the next five years is

also particularly pronounced in the higher wealth
bands, with the number of investors with liquid
assets of US$3–10 million and US$10m+
forecast to grow at average annual growth rates
of 10.1 percent and 9.3 percent, respectively,
depicting the striking wealth inequality present in
the Indonesia.

This creates a wide range of opportunities for

financial services to capture this huge
untapped population and provide new
offerings while keeping a strong focus on
promoting financial inclusion.
Vietnam
Improving IT infrastructure, adoption of digital payment channels and a
growing HNWI population
Improving IT infrastructure and internet penetration
169
Vietnam witnessed a 10 percent increase in internet users — about 6.2 million new users were added — between 2019-20.
Overall, Vietnam ’s IT infrastructure is gaining strength supported by government initiatives focused at improving internet
coverage and speed.

70%
Internet penetration in Vietnam, with a total of 68.2 million internet users in
January 2020

45%
Smartphone penetration in 2019, below the regional average penetration rate of 51 percent

#2
In terms of internet speed in Southeast Asia, only behind Singapore
Shift towards online payments and digital wallets Growing HNW population
According to the Knight Frank Wealth Report 2020,
Rising smartphone penetration, strong internet access and high adoption Vietnam is expected to witness one of the highest growths
rate for digital payment channels coupled with the government’s globally in its HNWI population, reaching 42,324 in 2024,
initiatives to develop a cashless payment landscape have stimulated the making it the second-largest HNWI market in Southeast
growth of payments systems in the market. Asia.

People with net worth over

US$1 million (including
~26K their primary residence);
expected to grow 65
percent during 2019-24
Total transaction value in
digital payments projected
~$8.6B by 2020; expected to
reach US$14.9 billion by
Growth expected in
2024
UHNWI population
64% during 2019–24 to reach
753 from 458 in 2019
Mobile point of sale
payments projected by 2020
~$1.6B — expected to reach
US$3.7 billion by 2024
Vietnam ’s HNWIs prefer real estate as the first
choice for investment, followed by fixed
deposits, gold, stocks and local cash markets,
Vietnam ’s payment landscape has been reflecting a potential opportunity for wealth
evolving rapidly and according to a report by managers to promote various solutions tailored
digital banking platform Backbase, its mobile
to cater to specific client needs and behaviour.
payments are expected to increase 400 percent
by the end of 2025.

The mobile payment space is dominated by five However, Vietnam is witnessing increased
e-wallet service providers — Payoo, MoMo, migration as more HNWIs are opting to
SenPay, Moca, and AirPay. move to foreign nations that offer citizenship
benefits, better civil rights and a better
regulatory environment.

Encouraged by the government, the

Vietnamese people have really taken
to digital payments during 2020. This
is a positive signal that the
development of non-cash payments
will go from strength to strength here
in Vietnam. Impact of COVID-19
COVID-19 has acted as a stimulus to
— Ross Macallister, Lead drive a rapid shift towards online
Partner, KPMG Vietnam payments.

During January–March 2020, total

online transaction value and payments
experienced a growth of 124 percent and
76 percent, respectively.
India
Second-largest internet market, with large-scale shift to digital
payments and mobile banking

Large and growing mobile and internet population

India is the second largest online market in the world, ranked only behind mainland China. Though the internet and smartphone
penetration rates are lower than several leading countries, their absolute volumes are significantly higher and continue to grow
rapidly. Moreover, availability of inexpensive internet data, better 4G accessibility and government initiatives are accelerating India’s pace to
become more connected and digitised.

50% 32%
Internet penetration recorded in Smartphone penetration
January 2020, with a total of 687.6 in India, with smartphone
million internet users >97% of users projected to reach
internet users access internet via 760 million by 2021
mobile phones
Robust growth in digital payment space
Unified Payments Interface (UPI) making
The increasing availability of smartphones in the wallets obsolete
market, growing adoption of digital channels and
government’s financial inclusion efforts have created Since being launched in 2016, UPI (an instant real-time
vast room for the digital payments system to grow at a payment system developed by National Payments
rapid pace. Taking advantage of this, India has been Corporation of India facilitating inter-bank transactions),
able to bring significant advancement in its payments has witnessed a steep rise in adoption as it links the
landscape. payment platform directly with the customer’s bank
account, enabling direct account-to-account transfers. It
also removes the need to store money in wallets,
allowing for interest to be earned.
Total transaction value
This has led to more wallet operators to adopt UPI as a
in digital payments payment method. Moreover, in 2019 UPI surpassed
projected by 2020 — debit and credit cards as a preferred payment method
$74B expected to grow at and accounted for about 38 percent of all digital
transactions.
CAGR of 16.7%
between 2020–24 Leading wallet operators, such as PhonePe and
Paytm, have started running a hybrid model by
adding UPI payment feature to their e-wallet
apps.
Mobile point of sale
$16.4B payments projected
Moreover, the shift toward UPI has given banks an
access to low-cost retail deposits, which would not
by 2020 have been possible with money being stored in
wallets.

Digital payments in India are expected

UPI transactions were
to reach US$135.2 billion in 2023 and
will account for about 2.2 percent of recorded in 2019,
the world’s digital payments market. projected to grow at
This will be further boosted by the 5.4B CAGR of 287% to
adoption of digital payment channels reach 59.8 billion by
due to COVID-19. 2023

market share in India's

UPI ecosystem is
controlled by three
>90% operators — PhonePe,
Google Pay and
Paytm

In terms of transactions, PhonePe is the India’s

leading UPI service provider, followed by Google
Pay and Paytm. Apart from them, some of the Indian
banks such as SBI, ICICI, HDFC and Axis Bank also
provide UPI payment service platforms

Total business users (in millions)

Paytm
16
Google
10 Pay
8
PhoneP
e

Source: Company disclosures; Reserve Bank of India,

S&P Global Market Intelligence analysis
 Growing UHNW population driving
the demand for wealth management
products

Home of growing UHNWI population

According to the Knight Frank Wealth Report 2020, India is ranked 12th globally in terms of
UHNWI population with 5,986 individuals in the category. The number is expected to grow
to 10,354 individuals in the next five years.
India’s HNWI population is expected to grow to 0.5 million by 2024 from 0.3 million
in 2019.
Meanwhile, the number of billionaires is projected to
increase to 113 by 2024, from 104 in 2019.

People with US$30+ Growth expected in

million net worth, India's UHNWI
~6K 12th largest UHNWI 73% population during
population in the
2019–24
world

Although India had the fastest growing HNWI population in 2017, witnessing a 20 percent y-o-y
growth, it failed to make any key net additions since then, reporting a 3 percent drop in 2018 and a
roughly equal growth in 2019, keeping the HNWI population growth stagnant.
Moreover, India is witnessing considerable wealth migration, as many of its millionaires have been
moving away to developed countries with better education and healthcare systems as well as due to
a higher tax rate currently prevalent.

23,000
Moreover, India is witnessing considerable wealth migration, as many of its millionaires have been
moving away to developed countries with better education and healthcare systems as well as due to a
higher tax rate currently prevalent.

India's HNWIs migrated to other

countries between 2014-18
 Evolving wealth management and lending landscape
India’s wealth management industry is in its formative state of digitisation, with multiple new
age solutions being launched by various players.

FinTech firms are disrupting the industry by providing access to tailored advice, non-traditional
investment and advanced engagement solutions. Also, some are offering wealth management
services on a subscription-based model.

To keep up with emerging players, traditional firms are focusing on leveraging technologies to
improve client experience and streamline processes.

IDFC introduced a p ICICI and DSP have come up with a draft offer for their quant-based
mutual fund schemes that follows a data-driven approach for stock selection, through which the
model automatically selects stocks with limited human intervention. ICICI Bank launched
‘Money Coach’, an algorithm -driven investment advisory application that enhances overall
customer experience, from enrolment into a mutual fund to actual investment and liquidation.
Also, firms like Edelweiss and IIFL have introduced subscription-based wealth
management platforms.

India’s lending landscape is undergoing a substantial change as digital lenders are getting
significant traction, that is well supported by a large and growing mobile and internet
population. In 2018, digital lending in the market stood at about US$75 billion, which is
expected to reach US$350 billion by 2023.

According to MEDICI, in 2019 there were ~338 digital lending platforms operating in the
market which is expected to grow further. Also, few of the leading tech companies such as
Amazon and Google have been taking initiatives to enter into the lending space.
Portfolio management system that leverages AI and Big Data to identify investment
opportunities.
 Booming FinTech sector supported by increased
digitisation and emerging banking models
India’s booming FinTech sector
According to a MEDICI report, India has emerged as the world’s second-largest FinTech hub, only behind the US. In
2019, investments in India’s FinTech space have doubled as compared with 2018.

Growth in FinTech funding is majorly attributed to India ’s large consumer base, high FinTech adoption rate and
accelerating digitisation.

Emerging collaborative banking models

In India, banks are not allowed to operate as digital-only banks; instead, the digital banking model works as a
partnership between licensed banks and non-banks, termed as ‘Neobanks’.

Open FinTechs collaborated with ICICI bank to offer digital banking services.

These banks are gaining significant hold in India’s FS landscape and intending to launch more products within the wealth
management space, for instance

Niyo, a FinTech with digital banking solutions, acquired a mutual funds platform Goalwise, to launch a robo-advisory
based investment service – ‘Niyo Wealth’.

Growth in WealthTech players and robo-advisory platforms

India has been witnessing a steady rise in the number of WealthTech players, with ~313 platforms operating in the
98
market, as of 2019. In 1H20, the FinTech sub-segment has witnessed an inflow of about US$213 million and is ranked
3rd in terms of number of operators, only behind payments and lending.

The segment mainly consists of robo-advisory platforms, personal finance management platforms, micro investment
management platforms and digital investment platforms.

As of 2019, the AUM of the robo-advisors stood at US$42 million, which is further expected to grow at CAGR of
36.2 percent to reach US$145 million by 2023.
Growth in the WealthTech space is attributed to their low-cost technology -driven operation models which has been able to
attract investments from the rising middle-and upper-middle class and drives financial inclusion.

Limited adoption among UHNWIs

According to a 2018 survey by Kotak, most UHNWIs in India are unaware of the rising robo-advisory services. It
revealed that though robo-advisory has become popular in developed countries, it is still at a very nascent stage in India.
UHNWIs in India still prefer traditional wealth management services that allow one-on-one interaction with wealth
managers.

Digital transformation: State Bank of India (SBI)

With an intent to improve customer service, streamline operational processes, and optimise business models SBI
launched several digital advancement initiatives. For instance:

Under its initiative ‘Customer Channel Roopantar’ it introduced several digital solutions to enhance customer
experience including SBI Digi Voucher: SBI Video Statement, SBI Mingle, etc.

The bank adopted SBI Workspace, a comprehensive solution which provides secure access to internal applications and resources
such as staff facing mobile and tablet applications, intranet applications, email, documents collaboration, etc. Also, to enhance
productivity the bank intends to deploy software robotics in its back office to automate processes.

Impact of COVID-19
COVID-19 has in fact fast tracked the
digital economy and significant Despite the ongoing COVID-19 pandemic, the
investments are being made by FinTech industry continued to gain momentum in
2020 and has witnessed significant deployment of
established banks … which can also
funds. According to a KPMG report, in 1H20,
lead to acquisition and more
funding in Indian FinTechs doubled from 1H19 to
investments from investors. US$1.7 billion.
— Sanjay Doshi, Partner, KPMG India
Government initiatives to promote digital financial services

In the past few years, India’s central bank, the Reserve Bank of India (RBI) has
focused on creating policies that encourage new forms of lending and payment
institutions, such as mobile wallets, P2P lending and payment banks. It has also
made regulatory changes to support digitisation of banking, such as encouraging
digital KYC processes and launching a regulatory sandbox.

New guidelines for digital KYC

In April 2020, the Securities and Exchange Board of India (SEBI) issued new
guidelines to standardise the digital KYC norms. One of the key developments was
removing the physical verification mandate and allowing the use of digital platforms
to verify identity and address documents. Further, it also permitted intermediaries to
do video-based KYC. With these reforms and integration of various digital
platforms, banks will conduct a large part of KYC and account-opening processes
online, resulting in greater efficiency and quicker turnaround.
New department to focus on FinTech
In March 2020, the RBI decided to set up an exclusive department of FinTech to focus on
digital transactions and adoption of technology across all aspects of banking and non-banking
services. This will promote growth of FinTechs in the Indian market, resulting in faster
advancements in digital financial services and competition for the traditional players.

Regulatory sandbox for FinTechs and financial institutions

In August 2019, RBI permitted start-ups, banks and financial institutions to set up a
regulatory sandbox for live testing of innovative products in the fields of retail payments,
money transfer, marketplace lending, digital KYC, financial advisory, wealth
management and digital identification services.
This will enable authorities to bring new regulations or make regulatory changes
required to support innovation as well as enable FinTechs to reach the end market faster.

Guidelines for interoperability of mobile wallets

In October 2018, RBI issued operational guidelines on interoperability of all mobile

wallets i.e. wallet-to-wallet transfers across multiple issuers. One major update was
allowing these transfers between KYC-compliant issuers of prepaid payment instruments
(PPIs) by relying on UPI or card network infrastructure.

This will enable mobile wallets to act as quasi-banks in terms of payments, increasing
competition between mobile wallet companies, payments banks and traditional banks.
Providing regulatory relaxations and other measures to open up to global developments
in banking

The government of India has however not implemented any major regulations that promote
digital wealth management. Although, few favourable initiatives such as allowing e-
commerce players to enter the wealth management space coupled with stringent investor
protection laws are encouraging the growth of digital wealth management in the market.

Introduction of Investment Advisers Regulations 2020

In July 2020, SEBI brought certain regulatory changes to the Investment Advisers Regulations, with the
main objective to give importance to the interest of investors over investment advisors. The new changes
addressed the malpractices of investment advisors related to charging excess fees, non-disclosure of
complete service fee and extracting money in the name of various charges.

It also segregated advisory and distribution services for non-individual entities (including banks) at the
client level, implying that these entities despite having different departments for advisory and distribution,
cannot provide both services to a single client.

Relief for cross border payments

In 2019, RBI provided some relief to the international players by allowing them to store transactions data
in a foreign market, in cases where the transaction originates in India but gets completed overseas.
However, for end-to-end domestic transactions, all data needs to be stored within India.

This will help foreign players save substantial costs on setting up data processing infrastructure in India,
as they can continue to do data processing and analytics outside India, where they would already have
well-developed IT infrastructure.
 Domestic players dominate the market, with growing market
share of leading wealth managers

Growing wealth management and private banking

Leading private banks and wealth managers in India continue to grow their combined market
share. According to Asian Private Banker’s AUM League table for India 2019, total AUM of
the top 20 players reached US$237 billion, a y-o-y increase of 21 percent.
The top three players within the list — Kotak Wealth Management, ICICI Bank Private
Banking and IIFL Wealth — accounted for ~40 percent of the combined AUM of India’s top
20 players.
As per the report, domestic players have witnessed a sharp increase in their market share in the
recent years, rising from 60 percent in 2015 to 78 percent in 2019.

Leading banks ideally placed to cater to clients

In India, traditional banks are better placed to provide wealth management services to
HNWIs due to the presence of established frameworks that understand risk preferences of
clients, efficient due diligence measures in choosing products and significant focus on
compliance.
Moreover, these banks have a 360-degree view of their clients, enabling them to develop
multiple tailored solutions to meet clients’ needs.

Rising competition from leading wealth managers

Leading wealth managers such as IIFL and Edelweiss are providing cost efficient advisory
services to clients, thereby giving strong competition to traditional banks.
Edelweiss has already launched its own robo-advisor — Guided portfolio — that recommends
investments portfolios as based on customers’ goal and risk appetite, while IIFL is investing in
start-ups that provides robo-advisory services such as 5Paisa.

Moreover, to better support clients, they are strengthening digital capabilities of their
wealth advisors. For instance:
IIFL launched AAA, a mobile based platform that allows its wealth managers to manage
clients’ investments, access quality research and training, and monitor business performance.
 Comparison of digital capabilities and offerings by leading players
for HNW clients

In India, WealthTechs are leading in terms of offering different digital capabilities to their
customers. Most traditional wealth managers provide customer features and digital execution
capabilities, whereas WealthTechs are well advanced and provide a wide range of digital
services including robo-advisory, trade execution and Big-Data analytics. For instance;
INDWealth leverages machine learning algorithms to recommend investment option and tax
saving solutions.

Digital capabilities Kotak ICICI HDFC HSBC SCB IIFL Edelweiss IND Wealth Cube Wealth Groww

Portfolio statements view ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔

Featur

Access to investment
es

✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
research and insights

Portfolio management ✔ ✔ ✔ ✔ ✔ ✔ ✔
omer
Cust

Portfolio recommendation ✔ ✔ ✔ ✔ ✔
based on risk appetite

Digital account opening ✔ ✔ ✔ ✔ ✔ ✔ ✔

Financial planning, analysis,
✔ ✔ ✔ ✔ ✔
goal and investment tracking
execution

FX trading ✔ ✔ ✔

Equity trading ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔

✔ ✔ ✔ ✔ ✔ ✔ ✔
D

a
t

Fixed Income trading

i

Funds (ETF) trading ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔

Structured Product booking ✔

IPO subscription ✔ ✔ ✔ ✔
Internalsol

Robo-advisory ✔ ✔ ✔
ution

Big Data analytics ✔ ✔ ✔

Digital offering to facilitate
✔ ✔ ✔ ✔ ✔
client interactions

Leading traditional banks Leading wealth managers Leading wealth management platforms

Source: KPMG analysis based on data from company websites and annual reports
 With limited penetration currently, substantial prospects for
banks to enhance digital wealth services

Recommendations
Banks should focus on enhancing their overall digital capabilities, either by partnering with
FinTech firms or by launching new digital products and services targeting high net worth
clients.

Like leading wealth managers such as IIFL and Edelweiss, banks can also provide online
trading in equities, fixed income and FX securities to their clients across international stock
markets.

With increasing competition from digital platforms such as INDWealth, banks can also look
to launch their own dedicated wealth management platforms that leverage AI or Big Data
analytics to manage clients’ investments based on their financial goals and to offer
personalised financial advice to them based on their needs and preferences in a cost-
effective way.

Leading players and their digital wealth management

offerings
Leading traditional banks

Kotak Mahindra Bank

Description

One of the oldest wealth managers in India, Kotak manages wealth for 50 percent of India’s top
100 families

Strong focus on building digital capabilities and became the first Indian bank to pioneer video-
based KYC for new customers

Offers a comprehensive and holistic platform covering the entire gamut of financial services for its
UHNWI clients
Priority Banking business assists mass affluent clients with products and solutions built to meet their
financial requirements.

Digital offerings in wealth management and private banking or for affluent clients

Kotak Wealth app, allows access to mutual funds and exclusive Investment solutions based on the risk
appetite of investors

Asset register, provides a consolidated statement of all assets (ranging from financial to non-financial and
physical to digital) at one place, which can be further used to create online wills

Smart Overdraft, helps in managing finances with an unsecured overdraft limit for salaried
individuals

Smart Will, a tool that facilitates customers to prepare a will for seamless transmission of wealth to their
heirs as part of succession planning
ICICI Bank
Description

One of the largest private sector banks in India, serving 88 percent of savings account
transactions through digital channels

Strengthened data analytics and market intelligence capabilities for creating strategies to enable
better targeting, channel and product alignment Launched ICICIStack, a comprehensive digital
banking platform offering services to customers including retail, business banking, SME and
corporate customers

Digital offerings in wealth management and private banking or for affluent clients

Mutual Funds Transaction platform, an AI-based investment platform for investment in

mutual funds that uses smart algorithms to create a customised portfolio basis investment profile
and tries to optimise returns for a given level of risk

iWealth, a mobile app that provides intelligent insights on mutual fund investments and
suggests a suitable portfolio; also assists in real-time portfolio re-balancing

Video Banking app, exclusive offering for privilege, wealth and Non-Residential Indian (NRI)
customers to connect with the ICICI Bank customer service representative

e-locker, an online document storage facility to store all the valuable documents in one central
secure location.
HDFC Bank
Description

One of India’s leading premiere private banks, HDFC provides a wide range of financial products and
services to ~33 million customers

Continues to invest in technology, computing and AI to provide hyper-personalised offerings to its customers,
with the aim of becoming a digital-first bank. Offers Premier Banking services to HNW clients to meet their
financial needs.

Digital offerings in wealth management and private banking or for affluent clients

InvestNow, a mutual fund investment platform that provides customers with expert recommendations based
on their financial goals and risk appetite

InvestTrack, a structured tailored process that helps to identify investment opportunities in line with goals
and risk appetites; also provides a consolidated view of mutual Fund investments, HDFC Life policies,
savings, current and fixed deposit account balances

Virtual Relationship Manager, complemented with various digital tools such as web chat with Eva, remote
banking via Apple Watch and service assistance via Facebook Messenger
e-will, assists individuals to write their personal will online

HSBC
Description

HSBC Premier offers wealth management solutions that address individual needs.

More focused on providing in-person assistance; relationship managers assist clients with the Goal
Planner, an offline financial planning tool, that helps to manage financial needs and provides
comprehensive financial analysis and tailored wealth solutions

Digital offerings in wealth management and private banking or for affluent clients

HSBC Advance offers access to seamless banking service, including funds transfer, and provides a
secure online platform to manage client’s investments

Wealth dashboard and Retail Investment System (RIS) provide the convenience to take informed financial
decisions, allowing clients to stay updated on the markets and their investments.
Standard Chartered Bank (SCB)

Description

A leading foreign bank operating in India since 1858.

Offers phone banking, online banking and SMS banking services to its customers

Straight2Bank onboarding portal allows digital account opening

Introduced Premium Banking service to serve emerging affluent clients

Launched real-time on-boarding for Credit Cards and Personal Loans

Digital offerings in wealth management and private banking or for affluent clients

Online Trading website provides extensive research and an integrated view of users’ holdings and
transactions with advanced reports

SC Trading Mobile platform capabilities include:

IPO investing and 24X7 trading in equities, derivatives, bonds

Inter-segment transfer and personalised market watch

Intra-day charting, quick access to holdings and inter-segment fund transfer

Portfolio management service offers management consulting and administration solution for entire
equity investment portfolio
 Leading players and their digital wealth management offerings

Leading wealth managers

IIFL
Description

Incorporated in 1995, one of the biggest wealth managers in India with AUM of about US$24
billion

Launched digital gold loan, which allows customers to avail loans without visiting branch

Launched digital Finance initiative, to collaborate with e-commerce portals, to offer financial
solutions to their merchants

Introduced IIFLDisrupt, to support FinTechs (focused on WealthTech, InsurTech, robo-

advisory), that struggled due to COVID-19.

Digital offerings in wealth management and private banking or for affluent clients

Launched IIFL-ONE platform based on transparent “All-in-fee” structure, the idea is to

enhance client experience with less cost. Under the platform it also provides customised
portfolio management offerings: MANDATE and CONSULT.

It provides IIFL Markets app, that allows customers to execute trades, view portfolio and access
buy/sell recommendations and industry reports.
Launched AAA — Advisor Anytime Anywhere, mobile based platform for its wealth advisory
partners; allows them to manage clients’ investments, access quality research and training and
monitor business performance.

Edelweiss
Description

Established in 2010, Edelweiss wealth management is amongst top three wealth mangers in India, in terms
of AUM

Offers India’s first “subscription-based” wealth management platform – Infinity

Continues focus to enhance customer experience, for instance:

Collaborated with Defined Solutions, to integrate analysis and trade execution platforms

Partnered with Signzy — a RegTech startup for digital customer onboarding and a faster verification
process.

Digital offerings in wealth management and private banking or for affluent clients

Offers a desktop trading terminal TX3, a technology driven trading solution, designed to cater to
the new age and professional traders.

Provides Mobile Trader app, that allows customers to execute trades, view portfolio, access
buy/sell recommendations, stock market commentary and industry reports.

Offers Guided portfolio, a robo-advisory service that recommends portfolio based on customers
goal and risk appetite.

Launched a multi-product platform — Edelweiss Partners, for its business associates; allows
access to different products in the market like mutual funds, IPOs, NCDs, company fixed deposits
and home loans.
Leading players and their digital wealth
management offerings

Leading wealth management platforms

INDWealth

A wealth management platform based on machine learning, AI and data science that offers
personal financial advice across asset classes, loans, and tax management to affluent
segment and HNWIs

Features include goal-based financial planning and future projections, portfolio

management, tax analytics and tax-saving strategies as well as personalised
recommendations of investment products

Enrolled certified wealth advisors for every user family and launched a wealth advisor
facing web application, creating communication and feedback loops between the customers
and advisors

Recently raised US$12.3 million in Series C funding round from Steadview Capital and
Tiger Global.
Cube Wealth

A digital wealth management service that offers busy professionals investment options on
its app along with expert advice. Also, guide investors to create an investment portfolio and
provides anytime assistance from dedicated wealth coaches

Uses gamification to help users invest through the app and provides investment options
across asset classes, including mutual funds, foreign equities, digital gold and stock trading
to help users diversify their investment

Started international investments, allowing investors to buy and sell US and other
countries' equities on its app without visiting a bank or any other institution

Launched a new cross-border software-as-a-service (SAAS) and marketplace — Cube

Cloud — to help fund managers in India and Southeast Asia track capital from investors
across fifty countries.
Groww

An investment platform for millennials with over Nine million users that allows investors
to invest money with stockbroking and direct mutual funds

Some of the features include investment management, overview of funds’ performance

and investment tracking

Expanded its offerings to allow users to buy stocks of Indian firms and digital gold and is
also planning to launch international equities, where users can invest in US stocks

Recently raised US$30 million in Series C funding round led by YC Continuity, the
growth-stage investment fund of Y Combinator.
 Bibliography
The information collected for making of this report on “A Study of Digital Wealth
Management in Asia Pacific” has been gathered from credible sources of the following
companies’ websites and research reports of the following:

❖ KPMG
❖ BCG
❖ Ernst & Young Private Limited
❖ Deloitte
❖ Moneycontrol.com
❖ Yahoo finance
❖ Google.com
❖ Statista.com
❖ propreturns.com

I would also like to thank my faculty members Mr. Pinaki Bhattacharya & Mr.
Shashank Kumar for their valuable insights.

I would also like to thank Mr. Anirudhh Kanoria, CFP who has been my industry
mentor and has given me so many brilliant ideas to work on my research.