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July 8, 2022

Hong Kong’s WeLab Bank introduces digital wealth advisory solution

Hong Kong’s WeLab Bank has rolled out a digital wealth advisory solution following a two-month trial period.

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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.

The new offering, dubbed GoWealth Digital Wealth Advisory, is co-developed with Allianz Global Investors (AllianzGI).

GoWealth is a goal-based wealth advisory solution. It enables customers to set their personalised investment plan based on their individual goals, adjust them and track their progress through the app.

The offering is designed to run simulations under different market scenarios to provide a tailored investment recommendation with the highest probability of success to the user.

Additionally, it regularly updates the ‘probability of success’ to help the user gain a better understanding of the risks involved.

During the trial period, GoWealth achieved a ‘satisfactory’ result.

WeLab Bank chief executive Tat Lee said: “Most of the existing wealth management services focus on high-net-worth customer segments; some relationship managers cease following up and stop tracking investment performance after customers buy investment products.

“Understanding these pain points, WeLab Bank is determined to digitalise and democratise wealth advisory through GoWealth.

“By providing goal-based end-to-end investment, we are enabling everyone to get easy access to professional financial advisory in our mobile app.”

AllianzGI Asia Pacific Institutional Business head Philip Tso said: “We are excited to collaborate with WeLab Bank and deliver our expertise to more customer segments through fintech.

“GoWealth relies on the extensive portfolio simulation methodology and AllianzGI’s expertise in and investment management. We believe we can work with WeLab to help democratise digital wealth management solutions for more customers in the city, helping them achieve their financial goals and needs.”

In April, WeLab secured licenses from Hong Kong Securities and Futures Commission to launch robo-advisory services.

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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