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A
new, tech-savvy generation of wealthy clients and family offices
are creating opportunities for fintech start-ups, challenging
traditional private banks who have been slow to meet these
demands.
But Wall Street is fast catching up by building or buying robo
advisers. Asia has been slow so far to join that trend but this
year fintech firms are gearing up to launch such products in
Singapore and Hong Kong.
Singapore-based Mesitis' robo adviser will offer advice to those
who typically hold investable assets worth at least $1 million.
Based on a computer algorithm, it aims to make money by charging
clients 30 basis points on assets, its CEO Tanmai Sharma told
the Reuters Global Wealth Management Summit on Wednesday.
"Robo adviser is just an asset allocation program which takes
your risks preferences into account," Sharma said.
He said being a small outfit, his firm had a substantial
advantage in terms of costs over a private bank.
The company, which Sharma founded in mid-2013 after a 15-year
career at Deutsche Bank, currently mainly helps 90 rich clients
keep track of their $3.6 billion worth of investments.
(Additional reporting by Paige Lim in Singapore and Summeet
Chatterjee in Hong Kong; Editing by Muralikumar Anantharaman)
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