DBS, Samsung Securities ink MOU to advance wealth management collaboration across Asia
The tie-up covers four areas, such as access to the South Korean market for the Singapore lender’s clients
[SINGAPORE] DBS and Samsung Securities on Thursday (Jul 2) signed a memorandum of understanding (MOU) to partner in the area of wealth management, to enhance their services to clients in Asia.
The venture will see the two parties explore four areas of collaboration.
First, DBS clients will be able to access the South Korean market through investments in solutions offered by Samsung Securities.
Broader global solutions will also be available to clients of Samsung Securities, including access to the Singapore lender’s multi-asset global wealth solutions.
Next, in terms of client connectivity, advisory services will be offered to serve clients’ global wealth management needs.
Finally, joint learning and innovation development in areas such as artificial intelligence and thought leadership in wealth management will be facilitated.
Park Jong-moon, president and CEO of Samsung Securities, said: “By pairing Samsung Securities’ strength in South Korea’s capital markets with DBS’ regional and global wealth platform, we can offer clients a more connected and differentiated wealth experience.”
This move comes amid clients increasingly seeking professional advice to grow their wealth and businesses, as Asia cements its place as a global wealth management hub, said the Thursday statement.
Tan Su Shan, CEO of DBS, noted: “Asia is fast becoming the world’s wealth engine, and clients increasingly want to manage their wealth seamlessly across markets.”
She added that she sees wealth management as “just the start”.
“Over time, we hope to bring the full strength of DBS as one bank to serve clients across their wealth and business alike.”
