UBS Wealth Teams up With FinChat to Create a New, Compliance-Friendly Chat App for Asia

Here’s an interesting move. According to a press release, UBS Wealth Management is developing a chat app in Asia that “allows secured social chat communication between its clients and advisors.”

The app will be developed in UBS’ EVOLVE, its new Centre for Design Thinking and Innovation in Singapore, and will be built with the help of Singapore-based FinChat Technology.

Dirk Klee, UBS Wealth Management’s Chief Operating Officer and Head of Digital Strategy, claims that “this is a first and it is an essential step for the industry,” adding that it is important for UBS to “break any impasse between the ever-increasing usage of social media platforms and rise in compliance monitoring standards.” He also said that they “look to engage with thousands of clients through their favourite social messaging platforms.”

Interestingly enough, the app’s development stems from repeated client requests:

“Our clients have told us repeatedly they want to use chat apps for communication with their client advisors and to receive product and investment recommendations,” said Ketan Samani, Chief Digital Officer, UBS Wealth Management Asia Pacific.

“This is a very real-world solution, and shows that we are serious in meeting client needs and providing a client experience like no other wealth manager. We want to be where clients are, both online and offline, and this is why this partnership with FinChat is important.”

UBS was a little light on the app’s details however. Other than it being specific to Asia, it is not known when and where it will be launched, and more importantly, what sort of emoticons it will have. I’m hoping it has that poo icon for crappy recs.

In any case, FinChat Technology’s co-founder and CEO Bill Eng seems stoked about the partnership:

“This partnership is something that couldn’t have been possible just a few years ago…We are well placed to help UBS solve one of its key roadblocks for communications, and I am proud we worked so well together to get this off the ground in just a matter of weeks.”

Photo: Martin Abegglen