Privé Technologies at FinTech Soft-landing Programme.

Fintech, Technology, Finance Industry

Privé Technologies, one of Asia’s foremost leading innovators in the financial and wealth management industry is selected as one of the three into the FinTech Soft-landing Programme for Hong Kong & Taiwan. The other 2 are TESS Asia and Mojodomo. Programme members will be endowed with a number of exclusive benefits by FintechSpace and Cyberport, including a two-week soft-landing in Aug 2019 and a free booth for FinTech Taipei 2019.

Supervised by the regulator, Financial Supervisory Commission (FSC), organized by the Taiwan Financial Service Roundtable (TFSR) and Taiwan Academy of Banking and Finance (TABF), FinTech Taipei is the grandest FinTech event in Taiwan, with international conference, 100+exhibition, and Business & Talent matchmaking. FinTech Taipei had attracted more than 30,000 attendees with 70% senior management and featured over 1,000 of the world’s top FinTech founders, investors, regulators, and academics in its first launched in 2018.

This year, with all the support from global and local, it is expected to scale up. “Matchmaking” session allows B2B FinTech companies to match with high-levels of FinTech institutions and building networks via Taiwan corporations.

With the benefits brought by the programme, it will be a good booster for Privé Technologies to continue expanding its market in APEC. Providing unique “Bank in a Box” services, there is evidence to believe that the expansion will bring more convenience to Finance Industry through technology.

Privé would thank FinTechSpace and Cyberport for giving us this opportunity.

It’s an honour to join in this programme and a big thank you to our team for working hard to achieve this.

- David Lee

Episode 01 – Julian Schillinger – Prive Technologies – Building Wealth Through Technology

Wealth, Podcast, Technology, Asian Fintech

Michael, Qiuyan and Julian talk about banks’ technological adoption during the past fifteen years and what it has meant and will mean for executives, customers, HNWI.

In addition, the conversations goes in depth on how FinTechs can ensure that their business is aligned with the existing market as well as how Privé Technologies product suite allow banks, EAMs, insurers, and others to take a holistic approach on wealth management with technology that covers everything from client outreach and information to wealth planning, robo-advisory, portfolio optimization and much more.

In movies like Terminator and Robocop, a lot of people believe that the terminator modules are machines in humans but, we believe in something that we call Bionic-Advisor in Privé Technologies. 

Privé Technologies Acquires Digital Engagement Start-Up Hive Up

On January 8, 2019 (Hong Kong/Singapore)

Qiuyan Tian, the CEO and co-founder of Hive Up, commented, “Privé will be able to help us accelerate our mission of bring wealth management to the masses. I am elated to adopt their proficiency in FinTech to propel our ideas to much greater heights.”

Charles Wong, CEO and co-founder of Privé Holdings, noted, CEO and co-founder of Privé Technologies, noted, “We are excited to have Hive Up join our family of companies and believe its expertise in the mass affluent and wealth management segments contributes to Prive’s mission to bring wealth management to all.”

Hive Up operates in both the enterprise and direct-to-consumer segments. With respect to the end consumer, it focuses on highlighting financial concepts and engaging the everyday person via mediums such as articles, infographics, workshops, and webinars. For enterprise businesses, the company builds management platforms and client-facing applications for financial advisors. Hive Up also writes curriculum and conducts training for financial institutions, injecting life and vigor into otherwise prosaic financial content, while also using technology for enhanced hands-on engagement.

Ms. Tian started Hive Up in 2016 with a mission of wanting to bring wealth management to the masses. Having cut her teeth in the wealth management sector with Goldman Sachs and an established family office, she was convinced that she could bring the same tools and access that had only previously been available in the high net worth segment to anybody.

Ms. Tian believes that the two keys to a successful financial journey are financial literacy and practical handles. With the experience of successfully building two prior startups, her mandate for Hive Up is to demystify the seemingly complicated world of finance by breaking it down into engaging and palatable content.

The ethos on how Hive Up creates its content is based on the pillars of design thinking, psychology, and technology, which incorporates AI and machine learning to intelligently curate content and make financial learning more engaging, tailored and personalized.

The acquisition of Hive Up – following Privé Technologies’ recent selection by Deloitte as one of the top 20 fastest growing technology firms in Asia – further cements Privé’s position as a leader and one of the most recognized and awarded FinTech companies in the industry.

Digitization in the field of personal finance is becoming more salient. We need to explore creative and cutting-edge ways to help the financial literacy challenge for the aspiring investor, as well as develop new value proposition solutions for wealth managers in today’s digital age.

Privé Technologies is also the firm behind the award-winning Privé Managers platform for global wealth and asset managers. Prior awards for Privé Technologies include being selected as the 2018 FinTech Changemaker of the Year sponsored by Asian Private Banker, 2018 Most Innovative FinTech Solution sponsored by Wealth Briefing Asia, as well as a finalist in the Hong Kong-based 2018 DBS Accelerator and Supercharger Accelerator programs. Privé Technologies was also voted as the number one robo-advisor in Asia amongst 16 robo-advisories in a recent independent study by Kaplan.

About Privé Technologies

Privé Technologies is a modular solution for the wealth and asset management industry and comprises more than 11 state-of-the-art modules powered by its bionic advisory engine, which include wealth planning, risk profiling, investment exploration, algorithmic optimization, and personal reporting. Privé Technologies serves a range of wealth management clients across Asia and Europe, including external asset managers, multi-family offices and banks by offering a wide range of connectivity options to custodial and distribution platforms.

About Hive Up

Hive Up is an online platform created to empower each individual in achieving their own version of financial freedom in a fun and un-intimidating approach. It produces workshops and various forms of content to make financial literacy easy, along with digital tools to help plan and manage personal finances in both the enterprise and direct-to-consumer space.

Privé Technologies
Suite 813-814, Cyberport 1
100 Cyberport Road
Hong Kong
Telephone: 852 3157 1234

Hive Up
10 Winstedt Road, Block C Suite 18
Singapore 227977
Telephone: +65 6521 6690

Press Contact:
Andrew Wong

Privé at IFC Fintech CEO Summit

We are exhilarated to be part of the upcoming 6th Annual Global FinTech CEO Summit which will be held in Dubai, United Arab Emirates from Wednesday, December 5, to Thursday, December 6.

Privé Technologies’s Co-Founder, Mr Charles Wong is one of the guest panelists, alongside hundreds of CEOs invited from more than 60 countries.

Like past years, these guests are specially invited by World Bank Group, and the event has become an annual gathering for Fintech CEOs.

IFC FinTech CEO Summit is a good opportunity for forming unique networks with the major players across industries to share leadership lessons. We will be expecting views from the CEOs on how FinTech has evolved over the past year, to which they will further share the challenges they faced and how each business sector prepares for the future of the financial world.

This conference aims to explore the innovative ideas and current developments in making the financial sector more competitive.

Charles Wong said:

"I am really looking forward to share our journey through this open discussion and how we at Privé develop a customer engagement and product development for banks and financial institutions. I am absolutely grateful to have the opportunity and it is such a great honour to be invited to this high-profile event''

Charles will share his vision for Fintech in the next 5 years and the main topic of his session – Capital Markets.

“Does good karma have an expiry date?” We are looking forward to hear from our CEO himself, as he takes the stage on 6th December.

Once again, we would like to thank World Bank Group for the invitation.
We are looking forward to the big day.

Privé Awarded Technology of the Year – Best Artificial Intelligence

Privé Technologies recently attended the 18th APICTA Awards on the 13th of October 2018 held in Guangzhou, China. The Asia Pacific ICT Alliance Awards (APICTA Awards) is an international awards program organize by APICTA, which aims to increase ICT awareness in the community and assist in bridging the digital divide.

The night was filled with industry leaders in different fields such as financial technology, community services, public sectors and many more. There were 17 different sub-categories in total to be awarded. Prive Technologies was awarded Technology of the Year in the category of Artificial Intelligence. 

Prive would to thank APICTA for presenting to us this award. 

Julian Schillinger said:

“It’s an honour to have received this award and to be recognized in the industry for our Artificial Intelligence. We hope to further develop this and make more improvements in the future.”

Privé at Asia’s top Robo-Advisor

We are delighted to have been named ‘Asia’s top robo-advisor’ in Kaplan’s independent study written by Singapore Management University academic, Elena Okhonko. At the launch event at Metta in Hong Kong with over 150 industry professionals in attendance our co-founder Julian Schillinger participated in a panel discussion on the future robo-advisory in the wealth management industry.

Julian said:

“I’m pleasantly surprised by the news – this is proof that it’s not all about just fancy UI but the depth of the domain expertise is baked in the technology”

Latest Technology Trends For Wealth Management In Asia

Asia’s Wealth Management Fundamentals Still Shine

In the latest annual wealth management report from Boston Consulting Group “BCG”, the astounding growth of personal wealth is reported to continue globally in 2017. With this backdrop, we examine the challenges and impacts that are arising for wealth managers and the technology the wealth management institutions in the Asia region will require to meet the evolving customer demand profile.

The trends of rising investor wealth as well as rising numbers of wealthy investors, are clearly positive drivers for the wealth management industry. Whilst residents of North America held nearly 43% of global personal wealth, followed by residents of Western Europe with 22%, Asia continued the trend of clocking the strongest growth, with a 19% year on year rise in the region’s wealth from 2016 to 2017 (shown in Exhibit 1). The growth of UHNW and HNW individuals in Asia is expected to be double by 2022 (shown in Exhibit 5).

Challenges for Wealth Managers

Behind the data lie some significant challenges for the wealth management industry in Asia. Despite the target customer base growing in size, the customer is also increasingly disengaged with the traditional wealth management service model.

The effects of digital disruption are a major contributor to the revenue and profit challenges faced by wealth manager (BCG, 2018).

Traditional approaches are increasingly ineffective, as clients lean towards receiving a customized experience, similar to the other digital touchpoints from retail to travel, that they use daily.

Wealth management is a client-service business. When a client needs and/or is expecting change, wealth managers have to serve them. What differentiates wealth managers today is the capability to deliver a personalized service to clients. Some are leveraging data availability and analytics to build personalized experiences for clients based on their needs, preferences, context and behaviours. But many are not yet. BCG research suggests that more than 70% of wealth management clients see highly personalized service as a key factor in deciding their provider.

Traditional approaches are also increasingly uneconomic. So not only does the customer not want them, but they are expensive to deliver. Technology serves a key role in transforming business to re-focus on delivering superior customer experiences in an efficient way.

BCG identify four critical challenges that the wealth management industry is facing:

  1. Integration complexity

    The digitization process requires work to be done in an agile fashion given the amount of changes required. Orchestrating cross-functional teams is key to drive technology change alongside operating model changes. This move creates an opportunity to building minimum viable products, testing and learning and failing fast.

  2. Change as a team

    The initiative to implementing the change should be seen as a top priority by the entire firm. Members of executive suite must instill positively to every member in the organization in order to bring about the needed behavioural changes.

  3. Useful data

    Client and product data creates challenges owing to the data’s heterogeneity and disparate sources. This data tends to be highly fragmented, in which 35% of the data is meaningful to wealth managers. The challenge here is to pull key information and maximise its use across engagement with RMs, client service and back-office functions.

  4. Scalability
    Undeniably, wealth managers handle massive and standardized data in their day-to-day. It is crucial that they have sufficient understanding to apply latest analytics techniques to create value for their work. Such that various data types are linked in a way to allow step-change insight, both at scale and at the level of individual clients.

Technology Solutions for Wealth Managers

At Privé we are strong believers that the only way wealth managers can survive and thrive in the new environment is to embrace digitisation and adopt quickly.

Here are four technology solutions that BCG identify which resonate strongly with our ethos.

Capture new client leads

The initial contact point in wealth management begins with the RM. Advanced analytics and data enables identification of early signs of potential attrition and enables leads scoring based on complementary data capture. This keeps the relationship manager (RM) focused on customers who are more valuable, rather than churning potential leads. Additionally, maximising RM effectiveness with new clients by using lead score and smart rules driven by advanced analytics, enables the RM to leverage a set of proven prospects.

Privé solution: WEALTHINASIA (qualified lead generation) and
Hive Up (prospect and client financial education)

Make suggestions personal and timely

Interaction with existing clients is key to engaging their interests and strengthen relationships between RMs. Analytics helps to raise timely and personalized suggestions to clients and encouraging relevant discussion between client and RM that could deepen the relationship.

Privé solution: iEngage (stimulate your clients in to taking more action by using content to deliver sales ideas, then track and serve tailored experiences using the client data)

Improve client experience

Develop a dynamic pricing using data such as client’s individual situation and long-term value omitting unnecessary discounting by RMs. Resulting in a personalized service delivery with greater transparency.

Privé solution; Ordering and re-balancing module to automate execution and pricing structure in a more homogenised and stream-lined way

Build efficiency

Technology acts as an effective tool in several ways operationally. It improves accuracy by eliminating manual tasks, reduce human-resources costs, streamline requests and inquiries, improved credit risk management and allows data reusability.

Privé solution: our Digital Operations modules digitise the administrative and cumbersome internal processes,with significant cost efficiencies achieved

Looking Ahead

It’s clear that technology is going to play arguably the biggest factor to keep wealth management firms not only efficient, but also relevant to customers in the short, medium and long term.

We echo BCG’s conclusion that unlocking the value of data will create unbelievable business opportunities, however, success also depends on having the ability to adapt to the change and the leadership to drive effective integration of key capabilities and mandate complexity efficiently.

Speak to us about how we are helping financial institutions in Europe and Asia to drive digital transformation and seize new business opportunities.

The Boston Consulting Group (2018). Global Wealth 2018, Seizing the Analytics Advantage

Retrieved from:

PrivéTech Team

The Privé Technologies Team

Baiwen Wins Hong Kong CFA Research Challenge

Congratulations to our very own Baiwen Gao for making Privé Technologies proud by winning the Hong Kong CFA Institute Research Challenge!

Baiwen said:

“The CFA challenge provided me with an end to end experience on equity research. I improved and illustrate my financial knowledge through doing a in depth research on the target company.”

A big thank you to The Hong Kong Society of Financial Analysts for the support!