AIA Singapore has launched the AIA Wealth Centre on April 30. Located at Six Battery Road, the centre is a one-stop space that offers a variety of wealth management services for its high net worth (HNW) customers.
The move comes in response to the projected surge in the affluent population in Asia. This population is expected to grow by 61% to reach 28.2 million individuals by 2026, compared to 17.5 million in 2021. The figure was mentioned in Knight Frank’s wealth report in 2022. Singapore is also expected to see its HNWIs increasing by 12% to 592,000 in 2026.
At the same time, Asia is also seeing significant growth in its family offices. According to an article by the Singapore Economic Development Board (EDB), Singapore saw the number of family offices in the country grow to 1,100 from 400 between 2020 to 2022.
“This trend mirrors the growing need of wealthy individuals and families seeking a more holistic approach towards wealth management and an increased focus on legacy and well-being,” says AIA.
According to the group, the centre will offer its customers access to a panel of experts who specialise in areas such as legal, tax and trusts.
On the same day, AIA introduced the AIA International Wealth (IW) arm. The new arm will be a wholly-owned subsidiary of AIA Singapore.
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“Leveraging on the strengths of Singapore as a trusted financial hub, AIA IW is focused on helping affluent and HNW customers grow and manage their wealth through a specially curated suite of insurance solutions which taps onto AIA’s longstanding heritage in wealth management and insurance expertise,” says AIA in its statement dated April 30.
“The launch of AIA Wealth Centre and AIA International Wealth, demonstrates our commitment to our wealth strategy as we reaffirm our strategic focus to be the pre-eminent insurer to address the needs of the growing affluent and HNW client segment in Singapore as well as across the region,” says AIA Singapore’s CEO Wong Sze Keed.
“What differentiates us is, we are backed by more than 100 years of legacy and leadership focusing across 18 pan-Asian markets, where we have the benefit of collective knowledge and expertise of the AIA Group. Our deep understanding of the Asian wealth market is enhanced by AIA Investments' strong capabilities and opportunities to invest globally through the world’s finest fund managers,” she adds.
