Asia’s emerging markets are among the world’s fastest-growing economies, and their growth is fueling an expansion of the middle class, both in size and financial clout.
By 2030, the region will accommodate two-thirds of the global middle class population, according to the OECD. In China alone, the middle class is expected to swell to almost 1.2 billion people in the same time period. As a result, the world’s purchasing power center is gradually shifting from West to East.
This trajectory will have significant implications for the financial services industry, especially when it comes to wealth management. However, despite these changing dynamics, many in the sector remain focused on serving deep-pocketed clients. At Temenos, it is our view that Asia’s burgeoning mass affluent market offers vital opportunities, and fintech developments pave the way to make the most of them.