UBS Fund Distribution (Shenzhen) (UBS FS), a wholly-owned subsidiary of UBS, has announced the launch of a mobile wealth management application, WE.UBS in the Greater Bay Area (GBA).
The application targets the affluent population in the country, in other words investors with $150,000 or more of investible assets.
“This platform goes beyond a financial institution providing a service or a product. Our ecosystem covers the needs of clients in different aspects of their life with tiered offerings based on the client’s relationship with us. This is unique in China,” said Andy Ho, general manager of UBS FS.
The mobile app provides both local and global investment products through a selection process, investor education as well as 24-hour tracking based on market developments, said UBS.
UBS is partnering with three joint ventures on the initiative – UBS SDIC Fund Management, Invesco Great Wall Fund Management and HSBC Jintrust Fund Management.
It is the first digital wealth management platform in Asia Pacific under UBS and the first digital-led wealth management platform launched by a global wealth manager in China.
According to Global Data, Chinese affluent individuals will surpass 56 million in 2022, with a significant proportion of them living in the GBA.
“Demand for professional wealth management services, delivered digitally, is growing exponentially in China. Following our launch in Shenzhen, we will focus on clients in the GBA before broadening out to other cities,” said Iqbal Khan, president of global wealth management at UBS.
UBS FS, formerly UBS Qianhai, was established in 2018, with its main operations in wealth management consultation, asset management and the development of accounting software.
It obtained a fund distribution licence from the Shenzhen branch of the China Securities Regulatory Commission in October last year and has a registered capital of Rmb206million ($31.9m).