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FinovateAsia: Innovation in Wealth Management; New Players in Lending

From the arrival of disruption to the shores of the wealth management industry to the eagerness of Asia’s large e-commerce platforms to bring credit to the region’s overlooked consumers and small businesses, Day Three of FinovateAsia Digital continues to provide some of the most insightful commentary on fintech trends in the Asia-Pacific region. Today we share some of the highlights from the third day of our online conference.

Our all-digital event, FinovateAsia Digital, continues all week. Join us live or On Demand and access hours of insightful commentary and conversation on the trends shaping fintech innovation in the Asia-Pacific region. Visit our FinovateAsia Digital hub and register today.

On fintech’s role in creating value at a time of change in the wealth management industry

Connectivity to fintechs is often a high priority when asked to create new and additional value to the client’s overall proposition. When I was a panelist at Finovate in Berlin back in February, I noticed there were few fintechs representing asset management – which is surprising given the tens of trillions of assets which impact every single one of us whether you are investing yourself or someone does it on your behalf.

Why was this sector late to the disruption party? Or was it happening without us noticing? Little did any of us know that, in the following months, asset management, like many other sectors, would experience an acceleration in embracing change and wonder about its relevance and role in the Now and the Next Normal.

— Simone Vroegop, Head of Strategic Partnerships for FinTech, Brown Brothers Harriman

On key insights from case studies in the optimization of fintech solutions in the cloud

You want to be very disciplined when you look at your online architecture, your solution, or any cloud provider’s platform. You don’t want to get distracted by a lot of existing native services, or third party services. That’s great. That’s the nature of the cloud. But you have to be very disciplined, and every time you introduce a component, you have to rationalize it, why you need it, and how to keep this new component that you’re going to introduce as reliable and as efficient as possible.

You also have to have a very rigorous test plan in place. You don’t exercise this plan toward the end, when you have built everything. That could be too late. You want to start doing some of these rigorous tests early on, using either a prototype or proof of concept, so you can mimic some of your market conditions plus your system conditions.

–Harry Tong, Senior Solutions Architect, InterSystems Corporation

On the importance of large e-commerce platforms in Asia’s digital lending landscape

Micro, small, and medium enterprises have traditionally struggled to access capital. Many lack an existing banking relationship or detailed financial record. And obviously incumbent banks in China favor corporate lending as smaller businesses fail to meet their credit check standards. Again, the larger e-commerce platforms have been enthusiastically filling the gap left by inadequate lending from incumbents. And by avoiding all those traditional evaluation processes that require substantial credit history, in favor of more data-based appraisals, platforms have demonstrated to incumbents that they must reform if they wish to compete across that sector of lending and to bring that experience to more businesses.

In rapidly growing countries with populations the size of China’s or India’s, the ability to lend vast sums of money to millions of SMEs places those platforms in a position of really significant power. How incumbents respond to this shift will determine the future of lending in this whole region.

–Louise Beaumont, Chair, Smart Data, Open Banking & Payments Working Groups, techUK

Available both live (Singapore time) and On Demand during the conference week, FinovateAsia Digital is a unique opportunity for those interested in learning more about fintech in the Asia-Pacific region. Browse our all-digital presentations, interviews, and discussions; network with fellow attendees; and gain key insights into the trends driving fintech innovation in critical, emerging markets. Visit our FinovateAsia Digital Hub and register today.

Photo by ALAMEEN A-DAE from Pexels