Financial institutions in Hong Kong are trying to induce millennials to engage in more disciplined wealth management to keep them away from meme stocks and crypto. For example, WeLab’s mobile platform now allows customers to target financial goals and invest in mutual funds, with 70% of the bank’s new customers for its wealth services aged between 20 and 40. The company launched its digital wealth platform with Allianz Global Investors in July. A month later, rival virtual lender ZA Bank launched its own investment services, while Livi Bank is targeting a rollout later this year. Livi Bank hopes to launch wealth management services this year and is eyeing people who have between HKD200,000 and HKD300,000 in investable savings. Both UBS Group AG and HSBC Holdings Plc have also launched projects targeting millennials and young clients. UBS is investing in digital offerings to lure a younger audience.
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