56 connected strategy for asian wealth management ^Top self-service investing. The extent of digital engagement also suggests a high degree of connectedness with the firm and allows for a large, relevant data pool that can be mined for client and population level insight and personalization. Their revenue model has three streams — as a market maker, by earning spreads on trades and from non-trading fees such as inactivity fees. Figure 27: eToro’s subscriber base growth • Several social networks have also emerged that focus on FX trading, a popular investment activity in Asia. Examples of such networks include LiteForex Social Trading and InstaForex. • Online investing communities such as Reddit, StockTwits and Seedly are further examples of such architectures. Reddit Asia has a community of 20-25 million users and allows users to provide guidance to each other. Seedly, based in Singa- pore, looks to help its users “make smarter financial decisions”. Their community feature allows users to access knowledge from peers prior to making a financial 0 5 10 15 20 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 # of registered users, millions 18.7 17.5 12.3 10 8.1 5.6 4.7 4.0 3.3 2.5 1.9 Source: https://www.etoro.com/about/investors/