UBS continues to expand its ambitions in the region’s affluent market with the launch of a new digital wealth management platform in mainland China.
UBS has launched a digital-led wealth management platform for affluent clients in mainland China through its wholly-owned onshore entity UBS Fund Distribution (Shenzhen) Company Limited.
The mobile app, WE.UBS, provides financial planning based on big data and views from the bank’s chief investment office. The product shelf includes local and global investment solutions in collaboration with other international asset managers in mainland China including UBS SDIC Fund Management, Invesco Great Wall Fund Management and HSBC Jintrust Fund Management.
A notable feature of the offering is the ability for clients to complete onboarding in as fast as seven minutes with just an ID card, a selfie and a couple of clicks.
Affluent Net
According to APAC co-head of wealth management Amy Lo, the new offering is targeting individuals in mainland China with a net worth of $150,000 to $1 million – a significantly lower minimum level for the Swiss private bank which has been traditionally focused on millionaires and beyond.
In August, the bank also introduced a new private clients team dedicated to individuals in Greater China with $1 million to $5 million and it aims to double the number of clients in the segment over the next three years.
«As a global wealth manager, we know that one size does not fit all. We have the critical size and scale to specialize and tailor-make different product platforms for different types of clients,» Lo said during a media conference for the launch attended by finews.asia. «We are looking more at the needs of clients rather than size.»
GBA Ambitions
Based in Shenzhen, UBS FS will initially focus on the acquisition of affluent clients in the broader 11-city Greater Bay Area megalopolis which has over 86 million residents and a GDP of 12.6 trillion yuan ($1.7 trillion).
«Demand for professional wealth management services, delivered digitally, is growing exponentially in China. Following our launch in Shenzhen, we will focus on clients in the GBA before broadening out to other cities,» said Iqbal Khan, president of global wealth management at UBS.
«China is leading the way in wealth creation and digital transformation globally. As the world’s largest wealth manager, it is our goal to be the leading global wealth manager and the #1 digital-first wealth advisor for our targeted clients in China,» added APAC president Edmund Koh.
