KUALA LUMPUR, May 19 (Bernama) -- Technology is starting to have a major impact on the financial market with digitisation and financial innovation developments taking place in the market, said Securities Commission Malaysia (SC) Chairman Datuk Ranjit Ajit Singh.
He said these developments provide greater democratisation of the market by disrupting traditional channels of intermediation hence enabling investors to benefit from greater access and cost savings.
"In emerging markets where a legacy structure is not in place, technology leapfrogging allows many of these markets to embrace technology and digital media at a more rapid pace," he said.
Ranjit said asset management firms globally are increasingly integrating automated investment tools such as robo-advisors into business models as the cost is lower, besides being convenient.
Digital wealth-management assets are projected to reach between US$55 billion and US$60 billion this year, up from US$16 billion as at the end of 2014, he said in his keynote address at the 2015 IFIE-IOSCO Global Investors Education Conference Tuesday.....