There is plenty happening in the Malaysian wealth management market, as incumbents and new entrants jostle for position, from new leaders coming to take the reins at some of the bigger name local and global banks and firms, to the arrival of new strategic partnerships, new strategic visions being launched to propel Islamic wealth management, so on and so forth. The Malaysian financial markets are more mature than most of the fellow ASEAN countries aside of course from Singapore, and as HNW and UHNW wealth is relatively older, more of those clients have, for years, and often decades, spread their investments across the border to Singapore, or further afield to Hong Kong or even to London and Switzerland.
A core challenge for Malaysia has therefore been to boost its onshore proposition and diversify the products and advisory offering in order to draw more of the AUM back onshore, but also to make sure that as much of the newer wealth remains under management in Malaysia, and that the growing ranks of younger wealthy inheriting so much of the founder/first-generation, even second-generation wealth are also properly serviced onshore. And of course, the region-wide drive to digitisation to cater to the newer demographics and the remote working environment is vitally important to the wealth market’s development.
Malaysia also has a significant percentage of Muslims in its population, and the drive towards Islamic wealth management is an increasingly important element of the overall model on offer in Malaysia; hence we are seeing some interesting developments there, for example giant Maybank’s comprehensive Islamic Wealth Management plan for the future, released in late July this year.
The Hubbis Digital Dialogue discussion of September 28 will analyse how Malaysia’s wealth market is evolving to cater to the evolving client base of today and the decades ahead, and how it can compete more effectively with the offshore models that many of the older wealthy in the country have traditionally sought out since the 1990s, when the country’s private wealth really started to flourish and boom. There is certainly plenty of room for Malaysia’s market to grow robustly alongside those more well-established offshore financial centres, as long as participants in Malaysia can manage the tighter regulatory demands, boost the array of investment products and solutions, and if they continue to develop the Islamic finance wealth market. At the same time, the incumbent players will need to compete energetically and smartly against new entrants that have been becoming more prominent locally as the regulators continue to gradually liberalise the financial markets.
A community of leading organisations within Asian Wealth Management
Boosting the Onshore Offering of the Malaysia’s Wealth Management Market
- What are the key events and developments taking place to shape the Malaysian wealth market?
- How are the key participants coping with the very difficult situation regarding the ongoing pandemic?
- Is the onshore wealth proposition rising to compete more effectively with the offshore market?
- Are the revenues still largely transactional, or are advisory and also DPM becoming more popular?
- How are the key players boosting their platforms and their global product offerings?
- What is the state of digitisation of the wealth management market in Malaysia?
- Are new entrants and disruptors making headway in Malaysia, and why, or why not?
- How is technology helping you engage clients and prospects better?
- Can robo-advisory or machine learning increase efficiency and/or help you generate additional business?
- Are the key players diversifying successfully towards life insurance solutions, family office services, estate/legacy planning and even investment migration solutions?
- Are the regulators helping or hindering these developments, and could they be more accommodating and more open to open architecture and allow faster speed to market for fashionable concepts?
- How do the incumbents and newer players define and enhance their USP?
- To what extent is Islamic wealth management making headway in the country?
- Is Malaysia attracting international clients, for example from the Middle East?
- What are the core developments that need to take place in order to fast-forward the Malaysian wealth management market?
Founder & Chief Executive Officer