Wealth Management Embraces Tech to Conquer Asia’s Growth Hurdles
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Is outdated infrastructure the real bottleneck hindering wealth management’s expansion in Asia, rather than client demand or market instability? A recent forum in Kuala Lumpur suggests it might be.
Tech Limitations Hamper Growth
During the Hubbis Malaysia Wealth Management Forum on May 22, Senthil gunasekaran, Chief Business Progress Officer for India and Global Business at KFin Technologies, argued that a fragmented digital surroundings is holding back advisor productivity and client satisfaction. He proposed KFintech’s “mPower wealth” platform as a solution, offering wealth managers, private banks, and family offices an integrated system designed to streamline compliance, improve onboarding, and accelerate digital transformation.
The wealth management industry in Asia is projected to reach $36.9 trillion by 2027,presenting both immense opportunities and notable challenges for firms operating in the region. (Statista)
Malaysia’s Wealth Tech: Identifying the Sticking Points
Gunasekaran highlighted the vast potential in Southeast Asia, especially Malaysia, while acknowledging the inherent difficulties. He noted that many institutions still depend on older systems with separate modules for onboarding, compliance, and portfolio analytics. This, he contended, leads to inefficiencies and limits advisors’ ability to provide a seamless client experience.
“most platforms used in Malaysia today are fragmented, with disintegrated workflows and siloed subsystems,”
he stated. This results in slower onboarding, inconsistent compliance, and reduced visibility across client portfolios-problems that intensify as firms increase thier AUM and client base. KFin Technologies aims to solve this with a cloud-ready, modular system for wealth managers.
mPower Wealth: A Modular Solution
The mPower wealth platform is designed to accommodate various institution types and user needs, from digital banks to family offices. It can integrate into existing workflows and be customized to meet local requirements.
“If you have your own systems and only need onboarding,you can just plug in that module,”
Gunasekaran explained. The platform’s modularity includes compliance, portfolio monitoring, risk management, and advanced analytics. This adaptability is crucial in markets like Malaysia, where regulatory requirements and digital maturity differ significantly across firms.
Consider a modular platform that allows you to select and integrate only the features you need, reducing costs and complexity while ensuring compatibility with your existing systems.
compliance Beyond the Basics
mPower wealth’s compliance architecture is a standout feature,going beyond a simple rules-based engine. “For private banks especially, compliance can’t be reactive-it has to be predictive and preventive,”
Gunasekaran emphasized. The platform enables real-time limit monitoring across securities, funds, and client-specific mandates, allowing firms to preempt breaches before they occur.
This functionality transforms compliance into a value-add,assuring advisors that their recommendations align with mandates,even as client preferences or market conditions change.
Analytics for Enhanced Client Engagement
The platform also features a robust analytics engine that generates insights from structured and unstructured data. “We offer four layers of analytics-descriptive, diagnostic, predictive, and prescriptive,”
Gunasekaran noted. Thes tools enable advisors to move beyond backward-looking reporting and engage clients with forward-looking scenarios and portfolio simulations.
The analytics module is integrated into the ecosystem, eliminating the need for a separate platform. Whether it’s portfolio optimization or risk simulations, mPower wealth provides real-time, client-specific insights for review meetings and investment proposals.
Integration with Ecosystems
To address data interoperability concerns, Gunasekaran stated that mPower wealth is connected with major third-party platforms used across Malaysia and the region, including data feed providers and local service providers. The platform is database-agnostic and built on an API-led microservices architecture,supporting both on-premise and cloud deployment.
How does your current wealth management platform handle data integration with other financial systems? Share your experiences and challenges in the comments below!
Scaling Wealth Advisory
Gunasekaran concluded by emphasizing that the wealth management chance in Southeast Asia is too significant to rely on inadequate digital solutions. “If you’re building your wealth business for tomorrow, you need a platform that’s ready today,”
he said. “we’ve brought global experience and local integration into one solution that helps you scale with confidence.”
