Wealthtech continues to reshape the industry, especially in Singapore and Hong Kong

Recent trends in wealthtech across Southeast Asia, particularly in leading hubs like Singapore and Hong Kong, are fundamentally transforming the region’s wealth management landscape. This transformation is being driven by a convergence of demographic changes, technological advancements, and shifting investor expectations, as detailed in the 2025 report by Quinlan & Associates and Allfunds Bank. The region’s wealthtech revolution is marked by the rise of digital-native platforms, the digitalization of incumbent financial institutions, and the growing democratization of investment opportunities for a broader segment of the population.

A defining trend is the rapid adoption of digital wealth management solutions, including robo-advisors and neobrokers. These new entrants are leveraging advanced technology to deliver personalized investment advice, portfolio management, and execution at costs significantly lower than those of traditional wealth managers. Robo-advisors, in particular, have succeeded in offering their services at nearly half the fees charged by established players, making wealth management more accessible and affordable. Neobrokers, meanwhile, are capitalizing on robust digital infrastructure to provide seamless, user-friendly experiences that attract both novice and experienced investors.

The benefits of these developments are manifold. Digital wealth management platforms are enhancing accessibility and affordability, especially for the mass retail and core affluent segments—those with less than USD 1 million and between USD 1–5 million in assets under management, respectively. In Singapore and Hong Kong, these segments represent a nearly USD 2 trillion opportunity that has historically been underserved by traditional financial institutions. By lowering barriers to entry, wealthtech is enabling a broader population to secure financial security, build wealth, and participate in global investment markets. This democratization is particularly significant in a region where the average wealth per adult in Singapore and Hong Kong is six to eight times higher than the Asia-Pacific average, yet the majority of adults still fall within the mass retail category.

Another key benefit is the increased degree of personalization and automation. Digital platforms are able to harness data and artificial intelligence to tailor investment strategies to individual risk tolerances, goals, and preferences—something that was previously only available to high-net-worth clients through private banking. This shift is improving the overall client experience, reducing operational inefficiencies, and making wealth management more responsive to evolving investor needs.

However, the wealthtech revolution is not without its challenges and risks. One of the most persistent pain points for clients remains the onboarding process, which, despite improvements, is often still cumbersome and paper-based for many institutions. This can deter new users and limit the full potential of digital adoption. Additionally, there is a notable gap between the perceived benefits of wealthtech solutions and their actual implementation, particularly among incumbent institutions that tend to prioritize digitalization for transaction-based services rather than holistic, end-to-end client journeys.

Security and data privacy are also critical concerns. As digital platforms handle increasingly sensitive financial data, robust cybersecurity measures and transparent data governance become essential. Financial institutions in the region have cited cybersecurity certification as the most important factor when selecting wealthtech vendors, underscoring the need for trust and reliability in digital solutions. Interoperability with legacy systems is another key consideration, as many incumbents seek to integrate new technologies without disrupting existing operations.

Further, the competitive landscape is evolving rapidly, with both new entrants and incumbents racing to capture market share. Traditional banks and wealth managers are responding to the threat posed by digital-native platforms by launching their own digital solutions, often in partnership with specialized wealthtech vendors. These collaborations are expected to intensify, with a growing preference for vendors that offer both technology enablement and access to a wide range of financial products, thereby streamlining integration and reducing operational complexity.