Tech-savvy wealthy investors seek digital solutions

This is a Arta news story, published by CNBC, that relates primarily to McKinsey news.

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fintech firms

CNBC

•

Business

Business & Economics

“Can your private bank do this?”: Fintech firms target Singapore’s wealthy with feature-rich apps

Summary

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88% Informative

New generation of tech-savvy wealthy investors is expected to drive demand for digital solutions.

McKinsey estimates high and ultra-high-net-worth individuals in Asia-Pacific own $21.7 trillion in assets.

Moomoo, owned by Nasdaq -listed Futu Holdings , and Arta , whose backers include former Google CEO Eric Schmidt and ex-UBS CEO Ralph Hamers , are among the fintech firms targeting wealthy investors.

Fintech firms face many challenges but their emergence will force the private banking industry to adapt and innovate.

Competition will ultimately benefit high-net-worth investors, who now have more choices and access to more sophisticated and cost-effective solutions for managing their wealth.

While some private banks lag in technological capabilities, others have invested heavily in AI and digitalization.

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formal

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English

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not offensive

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