New Kids on the Block: China as a new force in the wealth-tech market
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Technology has changed the traditional way of wealth management. Retail investors used to manage their wealth through the traditional means offered by banks and securities firms, so they suffered from inconvenience, unfavorable experiences, and high fees. For example, the user interfaces of most banks and securities firms in Hong Kong are based on systems developed for institutional investors, and they are much less user-friendly for retail investors who want to trade online. Despite such suboptimal solutions, commissions are relatively high – usually between 0.1 and 0.2 percent. Access to basic market information incurs additional fees.
