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Global banks have been cautiously moving into crypto for several
years, some building it within existing operations and others
setting up new businesses.
"Currently, 52 percent of affluent investors in Asia hold
digital assets of some sort. Accenture's research indicates this
could reach 73 percent by the end of 2022," Accenture said on
Monday.
"Digital assets represent 7% of surveyed investors' portfolios —
making it the fifth-largest asset class in Asia — more than they
allocate to foreign currencies, commodities or collectables. Yet
two-thirds of wealth management firms have no plans to offer
digital assets," Accenture said.
The findings were part of Accenture's report on the future of
Asia's wealth management industry based on two surveys - one of
about 3,200 investors and another of more than 500 financial
advisors at wealth management firms in Asia. The surveys were
done in December 2021 and January 2022.
"For wealth management firms, digital assets are a $54 billion
revenue opportunity - that most are ignoring," Accenture said.
"Among firms' barriers to action are a lack of belief in (and
understanding of) digital assets, a wait-and-see mindset, and -
given that launching a digital asset proposition is
operationally complex - choosing to prioritize other
initiatives," it said.
Southeast Asia's biggest bank DBS Group launched a standalone
cryptocurrency trading platform in December 2020 offering
corporate investors and accredited investors crypto trading
services for many digital assets.
Last month, Nomura Holdings said it will create a digital asset
company this year allowing institutional investors to trade
products linked to cryptocurrencies, among others.
(Reporting by Anshuman Daga; Editing by Emelia Sithole-Matarise)
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