WRISE Prestige, a subsidiary of Singapore-based , has formed a strategic pact – via its WRISE Prestige subsidiary – with Kingkey Privilege Wealth Management, a provider of life insurance, over-the-counter (OTC) securities, and funds.
Initially, the expanded offerings will be available to clients in Hong Kong before expanding to the broader region. WRISE Prestige and Kingkey are both based in Hong Kong.
The WRISE Prestige business was launched – as covered here – in February to cover the mass-affluent market, and the next generation of high net worth individuals in Asia-Pacific. WRISE is working on the basis that, by 2030, Asia's middle class will amount to more than 3.5 billion people, and Southeast Asia’s mass-affluent individuals are forecast to reach 136 million. (This news service has recently reflected on the challenges of serving this market segment. See also an article on the Asian mass-affluent market, here.)
“This partnership underscores our mutual commitment to providing accessibility of solutions that were previously reserved for ultra-high net worth (UHNW) individuals to the mass-affluent market,” Derrick Tan (pictured), group executive chairman of WRISE Group, said.
WRISE and Kingkey have also teamed up on a formal training programme – WRISE Academy. It provides independent wealth consultants and industry partners with training programmes covering products and investing ethics.
In January this year, WRISE also set up operations in Dubai.
The roster of companies include WRISE Wealth Management (Singapore), WRISE Wealth Management (Hong Kong), WRISE Wealth Management (Middle East), WeWrise Services, and Voo Technologies and affiliated companies WRISE Prestige Securities (Hong Kong), WRISE Prestige Asset Management (Hong Kong), and WRISE Financial Services (Hong Kong).