Technology to remake wealth management

The speed at which Asia is creating wealth is increasing the demand for the creation of wealth management solutions and the digital revolution will change the way Asians manage their wealth, said Singapore bankers.

Tan Su Shan, group head of consumer banking and wealth management of DBS Bank Ltd, the largest lender in Southeast Asia by assets, said the wealth of high-net-worth individuals in Asia Pacific will grow at an annual compound rate of 9.8 percent between 2013 and 2016. In comparison, the global annualized growth rate will be 6.9 percent, North America, 6.4 percent, and Europe, 7.1 percent, the bank estimated.

Focused on the growth of affluence in Asia, DBS Bank's wealth management business had a 22 percent compound growth rate in the past four years. Wealth management accounts for almost 11 percent of its revenues, up from 7 percent five years ago.