Hong Kong outpaces Singapore in digital wealth adoption

Hong Kong leads Singapore in digital wealth management adoption, with 93% of individuals holding at least USD100,000 in investable assets using digital channels, versus 85% in Singapore, according to a report by Quinlan & Associates and Allfunds. The gap widens in robo-advisory and AI usage, with 74% of Hongkongers using robo-advisors and 52% comfortable with AI, compared to 59% and 27% in Singapore, respectively. Digital-native disruptors like Endowus, StashAway, Futu, and Tiger Brokers continue gaining ground. In response, traditional financial institutions are boosting digital onboarding, self-directed tools, and relationship manager enablement. While Hong Kong firms prioritise RM tools, Singapore balances direct-to-consumer and RM initiatives. Most firms are using a hybrid model of building and outsourcing digital wealth solutions to remain competitive in an evolving market.