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Philippines Wealth Management Forum 2019 - Highlights - Simon Wong

Simon Wong

Sales Head, Greater China Region

ERI Banking

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

    The opportunity for the industry obviously in South East Asia specifically is that it is a growing industry. The wealth accumulation there is obviously enormous compared to the North Asia side where market has matured a little bit. In South East Asia there's still a lot of growth potential. The challenge is the concept of high-end private banking and wealth management that needs to “sing in” with management. The fear is that wealth management is just a subset of retail. I think if that's the concept that a lot of banks have, and they would be absolutely wrong. Wealth management needs a segment of its own, needs to have a service of its own, and they need to recognise that.