It may be numero uno in Europe, but BNP Paribas’ Asia-Pacific wealth management unit is still three places shy of the region’s top five. The solution? Fintech.
“We have more than doubled our assets (in that time) and we intend to further grow and enhance our leadership in the region by becoming top five.” The bank is No. 8 in Asia.
He was speaking at an event to introduce BNP Paribas’ newest client experience programme, which includes a new set of 10 solutions for its private banking clients. They include seamless client onboarding and personalised financial advice.
The solutions where apparently developed together with a select group of fintech companies, clients, and BNP personnel. This includes at least 10 unnamed fintech firms as well as 200 of the French bank’s 6,600-strong wealth management staff.
Five of the products where reportedly developed in Singapore, home to BNP Wealth’s global IT team. The move is meant to be seen not only as only as a sign of the region’s fintech capabilities, but also of Asia’s importance to BNP.
Here’s what Vincent Lecomte, co-CEO of BNP Paribas Wealth Management, had to say:
“This is a strategic choice we made nine or 10 years ago because we knew this market was going to further grow. We are already strong in Europe but we thought Asia should be considered at the same level.”
Photo: Roberta F.