The wealthtech sector in Asia-Pacific could be worth more than $2trn by 2027 thanks to technological advancements, according to a report published by McKinsey.
The forecast is based on the expectation that the wealthtech market will grow by 25% each year and wiill treble or possibly quadruple the current assets under management.
According to the report, wealthtech services that employ digital apps and tools are "rapidly gaining momentum in Apac" due to the increased efficiencies and access on offer to retail investors.
The strongest growth is expected to take place in the direct to consumer wealthtech market where there is a mix of pure digital and hybrid advisory models.
In addition to technology advancements, the sector is also set to gain from changing customer behaviours and favourable demographics, according to the report.