FNZ's MD for Southeast Asia On
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FEATURE ARTICLE Link to Article on website FNZ’s MD for Southeast Asia on Building the Firm’s Vision & Proposition Across the Region Marcus Emery is the Managing Director for Southeast Asia at FNZ, based in Singapore. Although he says he hails from the ‘middle of nowhere’ on the ‘sunny side’ of New Zealand, he has spent time with FNZ in Wellington, London and Edinburgh, and is now enjoying work and life in Singapore. As a committed ‘FNZ-er’, as he says – his wife also works with FNZ in Singapore as a project manager – he is enjoying the dynamism of Asia, and the strong expansion of FNZ in a marketplace that is witnessing the rapid convergence taking place between the private banking market, the mass affluent market, and the mass retail space. All these changes require tailored, client focused FinTech solutions to elevate banks and wealth management providers to the next level. 1 FEATURE ARTICLE NZ DESCRIBES ITSELF AS A ‘PLATFORM AS A SERVICE’ (PAAS) PROVIDER. “We FNZ and UOB Asset Management: Partners in the Future of are both a technology Wealth Management Fvendor and a business process outsourcing provider, which sets us apart from many of our An outstanding example of FNZ's ability to work in partnership competitors,” Emery begins. “We with its banking and wealth management clients is the new UOB provide the technology solutions Asset Management (UOBAM) Invest Platform that the firm has and investment operations worked with UOB to create and execute. It is a fully digitised services, all hosted on FNZ wealth platform built in partnership with FNZ, and a prominent infrastructure and security. This example of the type of solutions that FNZ can achieve in partner- is offered on an outsourced basis ship with its clients. so that we can manage large retail wealth books for banks, insurers, FNZ has devised and implemented a set of solutions for Singa- and asset managers regionally. From a FinTech perspective, we pore's UOBAM, launching the first digital advisor designed for are at the cutting edge of digital corporate clients. It offers UOBAM customers access to rapidly solutions with laser focus on log onto a trading platform, deposit cash and buy funds - primar- R&D across UX, Robo Advice, ily UOBAM funds of all types. Data Analytics, and Blockchain Technology. Most FinTech’s are The platform then offers two channels for clients to manage small and still operating in the money. The first option is 'Digital Advisor', which generates indi- start-up space but we can provide vidualised investment portfolios tailored to the client's financial these innovations over the long goals, risk tolerance and investment horizons. The second op- term to our partners.” tion allows clients to directly purchase UOBAM funds through a Emery was appointed Managing Director for Southeast digital menu. Asia in November, and first moved to Singapore in December 2017 as a Programme Director. which “is now live in both Singa- Asia’s untapped potential costs) and a low basis point fee for pore and Malaysia,” he reports. the assets we administer on our “Our business in the UK is very He comments that amidst platform on behalf of our client. mature and successful,” he notes, considerable competition, Our revenue is therefore linked “and we want to replicate that in customers choose to work with to the success, growth and scale Asia, where we see great untapped FNZ as it offers a differentiated of that platform – as the success potential. Southeast Asia is seeing service. He explains, “we provide of the platform grows, so does one of the fastest growing mass both the technology and asset the revenue for our client, and for affluent markets globally and we administration services (PaaS); FNZ.” want to position our business all our clients need to do is bring to capitalise on that. In order along their end clients with their to achieve rapid expansion and Fragmented, but dynamic money to invest.” growth, we have relocated a Emery digs deeper into the number of very experienced FNZ opportunity in Asia, which he says employees to ensure we have the The partnership model is a fragmented region that offers right mix of people to drive the Another key differentiating factor remarkable growth potential. business forward.” is how FNZ pitches itself as more “The average Southeast Asian Emery was originally asked of a partner than a traditional doesn’t have the same wealth as, to move to Singapore to act as technology or services vendor. say, the average person in the UK, Programme Director for various “We do not charge license fees, like for example, but there is a very Southeast Asia clients including the others do in general. Instead, we large and growing population of implementation of the UOB Asset earn revenue from implementation people that have available cash to Management corporate platform fees (these typically only cover invest,” he notes, “so the major 2 FEATURE ARTICLE Getting Personal with Marcus Emery New Zealander Emery and his wife not only share their life togeth- er in Singapore with their two-and-a-half-year-old son, but they also share a common mission of working together, as what he calls 'true FNZ-ers'. His wife comes from Moldova in Eastern Europe and the couple met when they were both working with FNZ. "I come from Whangarei, which is pretty much a sunny middle- of-nowhere sort of place about two hours north of Auckland," Emery reports. "I grew up by the beach there, until heading off to Waikato University, also in the North Island, near where the Lord of the Rings movies were filmed." There he studied for his Bachelor of Management Studies, with a major in accounting. His first job was with KPMG as a tax ac- countant and during his two years there worked with KPMG cli- MARCUS EMERY ent FNZ, who later hired him, first posting him in Wellington, and FNZ then in London and Edinburgh, before he relocated to Singapore in late 2017. trend is the rise of private wealth. Mass-market affluent platform propositions is the real sweet His initial role on arriving in Singapore was as Programme Direc- spot for FNZ, and that is precisely tor, focusing on managing the delivery of solutions to clients, where this region is seeing the before his promotion to his current role as MD for Southeast Asia most dynamic growth. Our ability in November. to provide attractive and unique product propositions and drive "Aside from work," he explains, "Singapore is a great base to down costs as AUM and customers explore this region, which actually I had never really visited un- increases is vital to ensuring our clients can entice a larger til moving here. Changi Airport is the perfect gateway for this population of end customers with amazing region of different people, cultures, foods, climates, varying levels of wealth to invest.” and landscapes. Batu Batu in Malaysia is a favourite destination, Emery adds that “The financial the waters are the clearest I have ever seen. We drive for about institutions that service these four hours up the east coast through Johore Bahru over the bor- rapidly growing ranks across Asia der from Singapore, and then a boat, and when you get there it must become more sophisticated, is all eco, no frills, one place to eat, right on the beach - perfect." boosting their ability to make the most of this remarkable opportunity. We help them achieve exactly that.” “The Private Banking and HNWI FNZ’s upper edge produced over time, which in sector however is still where most Emery also remarks that FNZ Southeast Asia remain typically of the regions assets are held, with has certain key advantages over fragmented, non-scalable and that market being already worth its competition. “We believe manual to operate. As the well over USD2 trillion. “FNZ is our product is better,” he states costs to run these rise, and as aggressively looking into that enthusiastically. “Our main the regulatory environment space which is in desperate need competition is with legacy becomes more complex, financial for alternatives to the existing in-house solutions that banks, institutions are looking more providers”, he reports. insurers, and asset managers have to outsourced solutions that 3 FEATURE ARTICLE mitigate risk, reduce cost and develop innovative products provide new and innovative and tools which can be adapted, offerings. That is certainly the customised and deployed to our message from mature markets, clients’ platform at speed and where there is huge cost pressure, comparatively low cost,” he notes. although here for now it is more risk and digitally driven. Our Extending to the HNWI experience enables us to find world real valuable use cases for new FNZ is investing heavily to technologies such as Robo Advice extend beyond its core mass and and Blockchain.” mass-affluent retail investment He says the utopia is for market into supporting Asia’s solutions which can be distributed large and complex Private across various markets in Southeast Asia. “Having a multi- Banking sector. “The Private market and multi-proposition Banking software and SaaS platform resting on the same market is limited and effectively codebase and infrastructure run by a duopoly, and this is ripe allows for greater efficiencies, for disruption. Private Banks growth to be achieved more easily are facing huge cost challenges and overall cost reduction. FNZ and are looking for better “We provide the technology solutions and investment operations services, all hosted on FNZ infrastructure and security. This is offered on an outsourced basis so that we can manage large retail wealth books for banks, insurers, and asset managers regionally.