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MAS encourages digital client onboarding
The Monetary Authority of Singapore (MAS) is “encouraging” financial institutions (FIs) including private banks in Singapore to use technology in order to make client onboarding more efficient. The...
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WhatsApp messaging between RMs and clients raising compliance concerns
Asia’s HNWIs are using smartphone apps to communicate with relationship managers, and bankers are responding. This is causing problems for private banks, which must revisit their digital client...
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Manual reporting on the way out in Singapore
Proposed changes to Singapore’s current comprehensive banking regulation reporting regime could phase out manual reporting, in line with global trends. Following the Monetary Authority of Singapore’s...
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Virtual banks poised to enter wealth management space
Recently revised authorisation guidelines for virtual banks issued by the Hong Kong Monetary Authority (HKMA) suggest that this emerging breed of financial institutions will be able to provide a broad...
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BoCom launches AI-driven wealth advisory app
China’s Bank of Communications (BoCom) has launched a new artificial intelligence-driven wealth advisory app for clients. The app is an upgrade of the bank’s previous iteration which has allowed...
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No “major tech launches” in 2018 for Deutsche Bank WM in Asia: Lok Yim
Deutsche Bank Wealth Management may have ticked off a long list of technology-related goals in 2017 amidst a broader rebuild of its business in Asia, but its regional head, Lok Yim, has told Asian...
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SCB brings Thomson Reuters digi solutions to Thai wealth clients
Siam Commercial Bank (SCB) has adopted a suite of wealth management tools and digital solutions provided by Thomson Reuters in the bank’s newly established investment centre in Thailand. The bank is...
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Kasikornbank selects Avaloq to take its “private banking business forward”
Thai lender, Kasikornbank (KBank), has opted to use Avaloq’s core banking solution to bolster its private banking and wealth management business, the vendor announced today. KBank Private Banking will...
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Much to be done to achieve banking “openness” despite HKMA’s open API...
The Hong Kong Monetary Authority (HKMA) consultation on an open API programme is “a call for commentary”, as much is to be done before the industry is able to true banking “openness” in Hong Kong,...
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Singapore and India forge second fintech partnership
The Monetary Authority of Singapore (MAS) yesterday announced that it has signed a fintech-focused memorandum of understanding (MoU) with Maharashtra, India’s second-most populous state. The agreement...
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StanChart PB takes US$1m loss under restructuring, new investment drive
Standard Chartered Bank’s private banking arm endured a US$1 million (before tax) loss in 2017 as the bank upped investments in the business. Restructuring efforts, set in motion in 2015, also remain...
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SFC signs fintech cooperation agreement with Switzerland
Hong Kong’s Securities and Futures Commission (SFC) has signed a fintech cooperation agreement with the Swiss Financial Market Supervisory Authority (FINMA), marking SFC’s fifth international...
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Wealth managers in Asia most likely to work with regtech vendors
Asia’s wealth management firms are more amenable to the possibilities afforded by regtech solutions, according to UK-headquartered data provider, GlobalData, which released its 2017 Global Wealth...
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Wealth management with a digital touch that is surprisingly human
This is a sponsored article from FactSet. Wealth management is in the grip of a digital revolution. The sun is setting on the days when a private banker and client met once a quarter in a discreet...
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Mainland virtual banks view HKMA’s regulation update as opportunity
Mainland Chinese virtual banks are angling to “pursue opportunities” in Hong Kong after the city’s regulators revised their guidelines for authorising virtual banking institutions, according to...
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India considers relaxing fintech-related regulations
India’s government is considering relaxing regulations for fintech companies in a bid to boost entrepreneurship in the industry. In a budget announcement made on Monday, Shri Arun Jaitley, minister of...
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Crédit Agricole PB’s S2i platform undergoes digital revamp, signs on new Asia...
Crédit Agricole Private Banking Services (CA-PBS), a department of French wealth manager, Indosuez, has secured a new private banking client in Asia for its recently-revamped business process...
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Hong Kong, Polish authorities shake hands over fintech
The Hong Kong Monetary Authority (HKMA) and the Polish Financial Supervision Authority (KNF) have signed an agreement in a bid to “enhance fintech collaboration”. According to a media release from the...
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SSE turns heat up on nominee holdings in trusts, brokerage asset management...
The Shanghai Stock Exchange (SSE) is escalating its crackdown on the widespread use of nominee accounts in trusts and brokerages’ asset management plans, in what amounts to its latest step towards...
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Reintegration is needed for open API to work: Saxo Bank
Large private banks require reintegration and a reallocation of resources to adapt to a more collaborative model of banking, a leading open API platform provider has told Asian Private Banker. Open...
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