Why WealthTech Matters in Southeast Asia
WealthTech in Southeast Asia matters more than ever. Although startup funding slowed considerably in 2025, technology across the region continues to advance faster than legacy institutions can adapt. But it doesn't have to, Liam Reeve and Urs Bolt write in a research article on finews.asia.
Southeast Asia is at a pivotal juncture. Across the region, over 60 percent of high-net-worth individuals (HNW) are aged above 60, and thus it is a critical moment for intergenerational wealth transfer. At the same time, mass affluent consumers in many countries have ballooned in recent years. And as digital expectations continue to rise, Southeast Asian clients expect solutions in all areas of life to be digitally-friendly.
The world over, wealth managers are preparing for the next generation of clients. In Southeast Asia, this shift extends beyond traditional HNW families served by private bankers and family offices. A new type of client is emerging in the wealth management space, shaped by rising affluence, digital familiarity, and evolving expectations around access and personalization.
Broader Shift Toward Consolidated Ecosystems
As Southeast Asia continues its rapid development, demand for wealth management services is rising sharply. The World Economic Forum (WEF) estimates that between 2020 and 2030, the number of high- and upper-income households across ASEAN will double to 57 million. This expansion is accelerating the adoption of digital wealth management solutions across the region.
The rise of digital universal banks and super apps, exemplified by Revolut’s expanding Southeast Asia footprint, reflects a broader shift toward consolidated financial ecosystems.
Finding Sweet Spots
While much of the narrative around WealthTech focuses on its disruptive potential, incumbent players have numerous options to leverage its advantages. In Southeast Asia, domestic banks are well-positioned to grow their wealth businesses from the bottom up, while traditional international private banks continue to concentrate on the top-tier segments.
Domestic banks could also cooperate with pure play private banks, asset managers, and specialized financial experts while building their own knowledge base to serve the more sophisticated needs of local affluents and the HNW. At the same time, they may find sweet spots by cooperating with WealthTechs for industrial scale and personalization at the same time, particularly in areas such as retirement investing and financial planning.
Pace of Change is Accelerating
Looking toward 2026 and beyond, wealth firms that align strategy, technology, and operating models across products, markets, processes, and partnerships will capture the next wave of wealth growth. Leaders in digital wealth management will be those who move decisively, embrace openness, and build platforms for a broader, younger, and digitally engaged investor base. The message is clear: the pace of change is accelerating, and standing still is not an option.
Liam Reeve is a PhD graduate of the University of Hong Kong (HKU) and a former HKU Presidential PhD Scholar. His work examines FinTech ecosystem development, technology adoption, and digital transformation in banking, alongside interests in AI and the evolution of international financial centers. He is an alumnus of the University of British Columbia and a former Visiting Research Fellow at the National University of Singapore.
With 35+ years of experience in banking and technology businesses, Urs Bolt advises senior leaders in financial services and tech companies on business strategies. He develops solutions and markets, and builds business partnerships. He is a member of advisory, non-executive boards and jury panels, including FT PWM WealthTech Awards, World Wealth Report by Capgemini, Global Wealth & Society Awards, and Blockchain Competition for Finance.
