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Asia's growing HNWI populace needs fintech solutions — Fintech O-2-O Meetup
As Asia's population of high-net-worth individuals (HNWIs) explodes, so is the growing demand for fintech solutions to serve them, wealth management professionals told an audience at yesterday's Cyberport NexChange Fintech O-2-O Meetup.
The event, held in Hong Kong's Cyberport Tuesday, opened with a keynote speech by Mads Faurholt-Jorgensen, founder of fintech-focused investment firm Nova Founders, which was followed by two panels.
The first panel included Joanne Murphy, CAIA Association's Asia Pacific managing director, and Peter McMillan, head of wealth management Asia at Thomson Reuters, and featured a discussion on the growing demands of an increasingly sophisticated HNWI client base.
"Investors are smarter," said Murphy,"and they have a need for greater accessbility."
She added that clients want more transparancy and information regarding their investments, but pulling out the relevant information for each client can be expensive and time consuming. This is just one area where fintech innovation is needed, the panelists said.
The second panel included Dr. Cedric Jeannot from APrivacy, and Phillip Yoon of Phinary Advisors, both managers of their respective wealth management-focused fintech startups. Both expressed similar sentiments to the first panel.
Dr. Jeannot observed that small family offices and asset managers were also more nimble when it came to adopting fintech solutions. Yoon meanwhile added that it was important that wealth managers did not focus on innovation for innovation's sake, saying:
"Innovation brings assurance. Regardless of what tools you bring, clients want assurance."