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What are the main opportunities that will continue to drive growth in the wealth management industry in Indonesia? What are the key challenges to building profitable businesses? Is regulation helping or hindering? Is there enough local talent? Is the capability of technology solutions understood and is digital transformation taking place? Is the best strategy to be independent, or for local firms to partner with international names? What will the industry look like in the next five to 10 years?

These and other seminal matters will be considered in some detail by our hand-picked panel of local Jakarta-based and also regional/international wealth management experts on October 13.

They will aim to set Indonesia’s progress in the context of developments in other populous ASEAN markets, such as Thailand and the Philippines. They will analyse where there needs to be more progress and what additional building blocks need to be put into place in order to facilitate such progress, such as regulatory liberalisation, greater investment by the local and international players, more trendsetting by the newer JV partnerships between onshore and offshore partners, and so forth.

Indonesia is bouncing back well from the pandemic and navigating the global storms well currently. The Asian Development Bank still projects GDP growth of 5% in 2022 and 5.2% in 2023 and expects the country’s inflation rates to be modest at 3.6% in 2022 and 3% in 2023. Meanwhile, the ADB anticipates per capita GDP growth of 4% this year and 4.2% in 2023. At the same time, private wealth creation and expansion at the upper tiers is robust and there are more and more Indonesians moving into the middle class and mass affluent segments.

This presents an outstanding springboard for the wealth management industry to continue its growth. Understanding the key drivers and the current competitive environment are vital for the positioning of the local and international players as they jostle for prominence in what is certainly a market of huge potential, as the huge population keeps growing robustly and as the economy and private wealth creation keep expanding. Moreover, the demographics are very encouraging - Indonesia has both a vast and a very young and fast-expanding population.

The domestic investment market is performing well. The Jakarta Composite Index hit a five year low of just over 4100 in mid-March, 2020, but is now trading well above 7000, and very close to its all-time high reached earlier this year. Accordingly, there have been plenty of good reasons for private clients and mass affluent investors to be investing wisely for their and the futures of their families. Moreover, almost everyone still has plenty of money in deposits and can recycle more of that into more active financial investments.

The panel of experts we assemble will analyse the latest state of the wealth market set against these backdrops and delve into the development of the onshore offering and how the onshore wealth industry is trying to compete against the offshore opportunities. The onshore market is now better regulated, and the range of products has been expanding gradually, although progress is not as rapid as many would like to see. All in all, there is today cautious yet mounting optimism that the private sector, the regulators and the government are more aligned than ever in wanting to promote the financial sector.

The result is a gradually more diversified range of products and solutions onshore and a broader range of private banks and independent wealth firms, some of the alliances between international names and powerful local financial institutions with the reach across the country’s vast lands and many thousands of islands. Moreover, there is rising interest amongst the wealthy in estate and legacy planning, in alternative assets, in globalising investment portfolios and in generally enhancing both the risk management and also investment allocation strategies they adopt.

The Hubbis Digital Dialogue discussion of October 13 will look at all of these key trends and anticipate the next phases of the Indonesian market’s development and growth.

Oct 13

The evolution of Indonesian wealth management

3.00pm - 4.00pm HKT/SGT

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A community of leading organisations within Asian Wealth Management

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Senior figures in Asian Wealth Management are speaking at this event

Djoko Soelistyo

DBS Bank

Dionisius Damijanto

Deloitte

Edy Tuhirman

Generali

Meru Arumdalu

Standard Chartered Bank

Pieter Zylstra

additiv

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