View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
September 6, 2021

UCO Bank partners Fisdom to launch wealth management solutions

By Verdict Staff

India’s UCO Bank has joined forces with wealth-tech startup Fisdom to roll out wealth management products and services for its customers.

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.

The Indian public sector lender will leverage the collaboration with Fisdom to facilitate large-scale facilitation and distribution of all mutual fund schemes through its network of over 3,000 branches and all digital platforms.

With this partnership, the bank aims to increase its customer value proposition by making wealth management services accessible.

Initially, the bank will offer mutual funds through its mBanking Plus App.

The customers can use the app to access and invest in funds, view relevant details, track fund performance in real-time and redeem their investments when required.

UCO Bank executive director Ishraq Khan remarked that the partnership is in line with the bank’s mission to offer all financial products and services in an affordable manner while maintaining transparency.

Fisdom co-founder and CEO Subramanya SV added: “We are delighted to partner with Uco Bank and enhance the wealth management experience for its customers.

“The evolved acceptance of the wealth products has created a systemic change among the customers to adapt the service and products we have to offer.”

Commenting on the development, UCO Bank managing director and CEO Atul Goel added: “Our aim has always been to continuously create greater values for our customers. With these new tie-ups we would now be offering a much wider range of wealth products.

“We intend to deliver greater value through customer beneficial offerings both in terms of ease of convenience, and their features.”

Recently, reports emerged about HSBC in advance talks to purchase L&T Finance’s mutual fund arm to bolster its asset management business in India.

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.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Private Banker International