KPMG reports growing upper middle-class with a high demand for robo-advisors--> March 27, 2021
"Rapidly growing WealthTech players are either developing advanced wealth management platforms and intuitive advisory solutions for their partnerships with big banks or using their low-cost structure to directly tap the middle-class population. Although currently at a nascent stage within wealth management, payments firms have strong plans to grow in Asia Pacific, using their e-wallets to help the region’s vast middle-class population in channeling its savings into wealth management investments."

Mainland China, with its economy opening up, is the largest market in Asia Pacific with 59% internet penetration and the highest mobile banking adoption at 78% with initiatives such as WealthConnect and online-only banks, strong growth in wealth management platforms, and a growing upper middle-class that have a high demand for robo-advisory. The report notes there has been an increase in investing activity in mainland China from a greater number of younger clients using smartphones. 

#KPMG #roboadvisor #digitalwealthmanagement

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