In early July, we released our first Middle East WealthTech Landscape Report 2023 (Middle East WTLR 2023). This edition featured 10 articles, split into our standard client, adviser and business sections, plus an A-Z solution provider directory with 500+ entries.
Below we’ve provided a quick overview of the content from the report.
Report at a glance
Data insights
Our data insights gave an ‘at a glance’ guide to headline statistics for the Middle East wealth management community. The region is now growing its wealth management capabilities as wealth in the region continues to grow and deepen across societies. According to BCG, assets under management (AUM) in the Middle East rose 16% to US$1.2 trillion in 2022 and, across all research houses, Knight Frank and CapGemini among them, wealth at all levels continues to rise. For the industry, technology is also opening up opportunity among the mass-affluent segment. In the Middle East, wealth management is also shaped by a burgeoning expat community which adds to the local opportunity. Another wealth creation segment to watch is women. According to BCG again, women with over US$1milion of assets are expected to see an annual growth rate of 9% by the end of 2023 to top US$1 trillion in total wealth.
The client section looked at:
- Tech for the expat/mobile – Hannah Greenwood, then of Finsbury Wealth, wrote about the great fit between the capabilities of digital tools and the needs of an expatriate and highly mobile community
- Leveraging AI – Mohamed Seghir, CEO of HAYAH Insurance, focused on the role of Artificial Intelligence (AI) and holistic models to bridge the gap between wealth management and life insurance
- Mass affluent and conversational AI – Abhijeet Singh Hazare, Regional Sales Director for Middle East and Africa at Azentio put forward the belief that wealth managers can use conversational AI to help capture the mass affluent market
The adviser section looked at:
- Ecosystems for the EAM – David Smylie, Managing Partner at GSB Private, focused on the necessity of technology to facilitate an ecosystem model for external asset managers (EAM).
- CLM - better than CRM – Steve D’Souza, Sales Manager at Wealth Dynamix wrote about the differences between CLM and CRM, and why CLM wins in the wealth management space
- Digital onboarding – Leena Iyar, Chief Brand Officer at Moxo put forwards the opinion that adopting a digital onboarding capability is essential to supporting the adviser
The business section looked at:
- Changing landscape – Hamdan Khan, EY’s MENA Wealth & Asset Management Consulting Leader covered the changing wealth management landscape across the Middle East region
- Technology for foundations – Nina Auchoybur, Managing Director – UAE, Ocorian, wrote about the role technology is playing to revolutionise foundations and how that works in the Middle East
- Family office of the future – Bryan Henning, SVP, Head of International for Eton Solutions, said that a robust technology platform and solid data management model will future proof the family office
- Meet NextGen needs – Tamara Kostova, CEO of Velexa, explained how Gen Z and Millennials wants access to a hyper-personalised digital ecosystem from their providers
You can access the full Middle East WealthTech Landscape Report 2023 here.
We’re looking forward to bringing you more in 2024. To see our report line-up for 2024, as well as our full offering, check out our Work with Us in 2024 catalogue.
Previous articles
Read our recent ‘A Year in Review’ article here.
Read our recent ‘Looking back on 2023: WealthTech 2023’ article here.
Read our recent ‘Looking back on 2023: APAC WealthTech Landscape Report 2023’ article here.
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