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April 29, 2022

Google joins OpenWealth Association as API service provider

OpenWealth Association, a Swiss-domiciled open banking initiative, has announced the addition of Google Cloud as an active member and application programming interfaces (API) service provider.

Free Report
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Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

OpenWealth collaborates with custodian banks, wealth management software providers and API Service providers to develop, maintain and distribute standardised APIs for the global wealth management space.

As part of the association, Google Cloud in Switzerland will support the development of the OpenWealth API Standard and its distribution through the use of Google Cloud solutions.

The partnership will enable OpenWealth to bolster its experts in API-based business models and technical expertise.

Additionally, Google Cloud will support the association to distribute the API standard internationally.

Apigee, the firm’s API management platform, is said to be one of the most used software solutions to expose open API worldwide.

Google Cloud Switzerland head of Financial Services Roi Tavor said: “Today, financial institutions have a unique opportunity to create a truly personalized experience for their wealth management clients, by offering products and services from within a broader ecosystem.

“We are thrilled to join the Open Wealth Association to jointly shape and foster the API innovation landscape and culture within the Swiss Financial Services Industry and look forward to contributing as Google Cloud.”

OpenWealth Association vice-president Simon Alioth added: “I’m looking forward to working together with Google Cloud Switzerland in the OpenWealth Association. As a leading cloud provider, they will bring input for new use cases and support the distribution and adaption of the OpenWealth API standard.”

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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