The evolving needs and behaviours of investors, supported by the advancement of technology, have created opportunities for both traditional players and new disruptors in reshaping the wealth management industry. In recent years, companies have arrived on the scene offering wealth management solutions via advanced means such as artificial intelligence, big data-enabled solutions, cloud computing and blockchain. Technology has changed the traditional way of how the wealth management business used to operate.
A new segment, wealth-tech, is now on the rise around the world, which focuses on creating technology-oriented solutions with the aim to enhance and transform retail investment process and results. These technologies have not only solved the pain points of retail investors in efficiency and experience, but also helped wealth managers reach out to the longer tail under a lower cost.
Given the significant growth in China in terms of wealth accumulation and the need for offshore investment, we are observing an emerging power from China, not only from wealth but also from technology perspectives, that is shaping the wealth-tech industry to the next level.