A Google of Banks

Chairman Derrick Tan wants WRISE to emerge as the world’s foremost authority on wealth management for VHNWIs.

-  LYN CHAN

When fintech wealth management enterprise WRISE launched in July 2022, catering to high-net-worth individuals, chairman and founder Derrick Tan set a goal of reaching US$5 billion ($6.7 billion) in assets under management by the end of 2023. However, he fell short due to challenging conditions in the wealth management industry and market movements impacted by China’s economic slowdown.

It was only in January 2023 that formal business operations began, with hiring scaling up from Q3 2023. “My approach involves investing heavily in sound business fundamentals, building out support functions with about 50 per cent of the frontline consisting of experienced personnel.”

Now, with an extensive ecosystem of more than 130 financial intermediaries, Tan emphasises, “The outlook for Q1 looks promising, potentially surpassing the performance of the entire previous year.” He adds, “We are close to reaching the US$5 billion target.”

FINTECH MEETS HUMAN CONNECTION

TREX, an indispensable tool in his achievements to date, continues to play a vital role in his mission. TREX is WRISE’s proprietary wealth management platform, providing real-time visibility of wealth, expert advice access, tailored solutions, data aggregation, and client control and transparency.