I was recently invited by CAIJING Magazine to speak at a special session on digital finance at its Global Wealth Management Forum in Tongzhou, Beijing. I talked about the digital revolution that spurs the banking industry transformation and shared my views on the impacts of technology on fund management and wealth management in China.
● Foreign fund managers entering China today will find the market very different to Singapore and Hong Kong in their early years in the intensity of the domestic competition already underway.
● How these Chinese players harness technology today may well be an example for the world in 10-20 years later:
● Instead of being a competitive advantage, technology commoditizes financial services and levels the playing field for big and small players, so all players will be scrambling to identify a value proposition that could set them apart.
● Technologies have made end users more powerful than the service providers. In fact, many funds in China today are essentially users banding together to set up their own product designs.
