The wealth management sector is undergoing rapid change due to technological advancements, leading to the rise of WealthTech - technology-driven financial solutions enhancing wealth management processes, according to a McKinsey report. Particularly beneficial for the distribution, manufacturing, and back-end operations, WealthTech is gaining traction worldwide, especially as it makes wealth solutions more accessible to previously underserved markets. The Asia-Pacific region, with its expanding economy and substantial personal financial assets (PFA), is an emerging hub. Yet, around 45% of its PFA remains in cash and deposits. Predictions show the region’s onshore PFA could reach USD81tr by 2027, and cross-border wealth management inflow could approximate USD3.5tr. As the focus shifts from primarily serving high-net-worth individuals to a growing affluent sector, WealthTech in Asia-Pacific could be instrumental in achieving broader wealth management inclusion.
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