68 connected strategy for asian wealth management ^Top priority, with the covid-19 pandemic further accelerating their digital plans69. These developments in South East Asia are exemplified, for instance, in Malaysia where multiple asset managers are deploying connected producer architectures. BIMB Investment Management rolled out its BEST Invest mobile app in 2020, followed by Affin Hwang Asset Management and Hong Leong Asset Management, launching their mobile apps in 2021. • New entrants (superapps): Superapps such as WeChat, Alipay, Grab and Gojek are large, well-funded entities in specific markets in Asia. Superapps have proven track records in achieving scale in serving clients’ frequent, small ticket, transactional needs. In China they have achieved similar scale in investing as well — this trend will accelerate in other Asian markets. Figure 30: Expected changes in the importance of Asian asset management channels70 • New entrants (fintechs): Business-to-consumer wealth fintechs tend to have sim- ilar offerings, anchored around a basic roboadvisory service that is commoditized. With a limited client base and high acquisition costs, it is unclear whether these firms have the resources or demand to deploy and reap the rewards of connected 69 Survey of Asian asset managers by Cerulli Associates 70 “There’s no turning back”, Funds Europe, 2020 0% 20% 40% 60% 80% Banks Fund platforms Insurers Direct to consumer Independent advisors New entrants 1% 4% 4% 8% 20% 63% Current % surveyed who said the channel was the most important for asset managers In five years 0% 20% 40% 60% 80% 29% 29% 8% 6% 8% 25% % change -34% +9% +21% 0% +2% +7% Source: Funds Europe