To sustain a high growth rate – 70 per cent last year – Zurich-headquartered-based client onboarding specialist Appway, which has an office in New York, has launched two new regional offices in Geneva and Hong Kong.

The wealth management industry is turning to more technologically-driven ways of bring a client on board, as compliance costs – such as know-your-client checks and anti-money laundering tests – become more onerous.

Appway has appointed Thibaut Jacquet Lagreze to head Appway’s Geneva business and Reto Merazzi to drive Appway’s activities in the APAC region. Lagreze previously worked at Temenos, and Merazzi worked at UBS.

“Appway has its finger on the pulse of the rapidly changing landscape of the wealth management industry and its specific client onboarding product and expertise are in high demand,” it said in a statement. It says four out the world’s top five private banks already use its services.  

“New regulations and increased competition in the international wealth management space are forcing financial institutions to adapt their service models and expand internationally,” said Hanspeter Wolf, Appway chief executive.

Appway’s physical presence in Geneva and Hong Kong is “essential,” the firm said, to understand local needs and customize products to suit regional regulatory requirements.