Singapore banks turn to China’s wealthy to offset slumping stock markets
Banks are also seeking to ride on and bank on ongoing technological disruption in the financial sector. UOB announced a partnership with fintech companies like Pintec and Invessence to launch digital services and robo advisory (UTrade Robo).
Thung also observed the “continuing investment” in back-office systems such as client advisor and relationship management tools, robotics and automation, as well as in compliance systems, in particular on transaction surveillance and anti-money laundering or combating the financing of terrorist activities to address increased focus by regulators.
“Overall, wealth managers and banks should see benefits from these investments in technology infrastructure, both in terms of attractiveness of the offerings and enhanced client experience, and also through avoiding expensive fines or remediation work in the compliance areas,” he added.
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