Between 2010 and 2019, the economy of The Philippines saw growth of circa 6.3% per annum and in 2019 is on track to deliver growth of 6.4%, making this one of the strongest and fastest growing economies in the world.
As in other regions that have witnessed similar economic performance, the Philippines are now home to a rapidly growing middle class, characterized, as elsewhere, by higher levels of disposable income. Not surprisingly, the luxury brands now on display in the malls of Makati were quick to capitalize on this new customer segment, however the wealth management industry, usually at the forefront of such changing demographics, seems to have been slow to respond.
Initially hampered by high barriers to entry, low levels of financial literacy and rapidly changing regulations, the wealth management industry now seems to be gaining traction in this frontier market but what opportunities exist? What are the hurdles that must be overcome and what are the threats to success?
Women have emerged as a sizeable economic force in recent years. In the Middle East, women's wealth in 2019 amounts to $786 billion, and the total asset under management (AuM) is valued at $3.16 trillion.
Estimated at $21.4 billion at the end of 2019, assets held by Oman’s largest sovereign wealth fund have decreased by about a third to $14.3 billion, according to updated data released by the Sovereign Wealth Fund Institute (SWFI) in the second half of April 2020. At the time of publication, Al-Monitor could not confirm the exact reason for this drop, expectedly related to budgetary support and losses in asset value.
Fitch Ratings recently indicated Oman could deplete the State General Reserve Fund (SGRF) by “over $5 billion” to finance budget deficits. “It is not really on the agenda, but everything moves very quickly,” a source familiar with the matter told Al-Monitor earlier this month.
(RTTNews) - Prudential plc (PRU.L, PUK) announced Monday that its unit Prudential Vietnam Assurance Private Limited and Southeast Asia Commercial Joint Stock Bank or SeABank have entered into an exclusive bancassurance partnership with a 20-year term.
Prudential Vietnam will also become the preferred life insurance provider to BRG Group Joint Stock Co., a conglomerate in Vietnam with approximately 10 million customers. The partnership is expected to be effective from April 2020.