Malaysian Wealth Management Forum 2019 - Exclusive Insights - Kimmis Pun

Kimmis Pun of EFG Bank

Jul 8, 2019

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1. What are the main opportunities that will continue to drive growth in wealth management in Malaysia?

Video transcript

1. What are the main opportunities that will continue to drive growth in wealth management in Malaysia?

Malaysia presents a great opportunity. If we want to see further growth, we need to look at a demographic of Malaysia. Malaysia is experiencing transfer of “old wealth” to the new generation. In the past, this “old wealth” was centered around manufacturing and properties. However, when this new generation inherits wealth from the parents, they are no longer involved in these areas of business. They are more tech savvy. They also have a greater concern for protecting the earth, living sustainability, and how to grow their assets in the current climate whilst maintaining social awareness. I believe that this shift in mentality means there is tremendous opportunity in Malaysia. We have recognised two key areas of opportunity. One is the emergence of this new generation. The second is Islamic private banking. We want to do something that is really meaningful in Malaysia. Therefore, I believe that both Islamic banking and the generational transfer are two great opportunities for Malaysia and represent a driving force of the domestic private banking business.

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