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Digital Wealth Asia Forum 2019 HK - Highlights - Bassam Salem

Bassam Salem of Obuhi

Nov 29, 2019

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1. What are the challenges and opportunities for this industry?

Video transcript

1. What are the challenges and opportunities for this industry?

The opportunity remains large. Wealth is being created in Asia. And unlike clients in other parts of the world, Asian clients are quite entrepreneurial, willing to learn new things, risk-takers, both in their businesses and in the way they manage their wealth. The challenge for most private banks is the cost-income continue sto be a challenge, it's a very competitive industry. There are many players and this is putting pressure on the cost of running a private banking business, in addition to the compliance costs and the fact that both Hong Kong and Singapore are expensive places. And then there is the digital challenge. A lot of banks are investing heavily, they see the opportunity, they see the challenge that they have from non-financial institutions. And it is a challenge, but they are increasingly addressing it and investing in the digital space.

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