The increase in regional and domestic wealth primes AIA Singapore's wealth strategy with the launch of AIA Wealth Centre to provide bespoke experiences for customers in Singapore.
SINGAPORE, 30 APRIL 2024 – AIA Singapore launched AIA Wealth Centre, dedicated to serving regional and domestic affluent and high-net-worth (HNW) individuals and families. This marks an exciting milestone in the illustrious history and legacy of AIA Singapore, furthering the unique AIA "Wealthbeing" proposition to provide holistic wealth solutions that seamlessly blend wealth creation and well-being to empower clients to live Healthier, Longer, Better Lives. The official launch saw Ms. Gillian Tan, Assistant Managing Director of the Development and International Group and Chief Sustainability Officer of Monetary Authority of Singapore, gracing the occasion as the Guest-of-Honour.
AIA Singapore's wealth strategy is a strategic response to the projected surge in Asia's affluent population, which is expected to grow 61 percent to reach 28.2 million individuals by 2026, compared to 17.5 million in 20211. Singapore is also expected to see its share of this growth, with the number of HNW individuals increasing by 12 percent to 592,000.
Alongside the rising affluent population, Asia is experiencing significant growth in family offices. Between 2020 and 2022, the number of family offices in Singapore alone almost trebled from 400 to 11002. This trend mirrors the growing need of wealthy individuals and families seeking a more holistic approach towards wealth management and an increased focus on legacy and well-being.
AIA Wealth Centre, located at Six Battery Road, is a one-stop wealth centre dedicated to offering holistic wealth management services for affluent and HNW customers that is accessible only by invitation. Beyond traditional wealth preservation and accumulation consultation, customers have access to a specialised panel of experts on areas such as legal, tax and trusts. This multi-disciplinary approach ensures that clients achieve their personal financial goals and well-being aspirations within a holistic framework. It is a strategic investment by AIA Singapore to demonstrate the insurer's commitment in providing tailored solutions and unparalleled experiences to clients, within an exclusive space. This commitment to exclusivity reflects AIA Singapore's deep understanding of the needs and aspirations of its affluent and HNW clients.
The company's is also underpinned by its strong commitment to Singapore's vision of becoming a premier global financial centre. This strategic focus aims to attract wealth across the region and contribute to Singapore's economic prosperity, while bolstering Singapore's position as a trusted, vibrant, and well-regulated financial centre for discerning investors.
Wong Sze Keed, Chief Executive Officer, AIA Singapore, said, "The launch of AIA Wealth Centre and AIA International Wealth, demonstrates our commitment to our wealth strategy as we reaffirm our strategic focus to be the pre-eminent insurer to address the needs of the growing affluent and HNW client segment in Singapore as well as across the region. What differentiates us is, we are backed by more than 100 years of legacy and leadership focusing across 18 pan-Asian markets, where we have the benefit of collective knowledge and expertise of the AIA Group. Our deep understanding of the Asian wealth market is enhanced by AIA Investments' strong capabilities and opportunities to invest globally through the world's finest fund managers.
As Asia's wealth landscape flourishes, we are fortuitously located in Singapore with its remarkably advanced infrastructure and regulatory framework, and at the forefront of providing affluent and HNW individuals and families with bespoke solutions to ensure wealth generation and inter-generational wealth transfer.”
AIA International Wealth, a wholly-owned subsidiary of AIA Singapore leverages on the strengths of Singapore as a trusted financial hub, focused on helping the affluent and HNW customers to grow and manage their wealth. This is delivered through a specially curated suite of insurance solutions, tapping onto AIA's longstanding heritage in wealth management and insurance expertise to better cater to customers' specific financial needs.
Elevated experience at AIA Wealth Centre
Established in 1931, AIA Singapore has been part of the Singapore transformation story, evolving to a first world nation and thriving across generations. AIA Wealth Centre symbolises AIA's commitment in helping our affluent and HNW customers create legacy that transcends across generations through its "Wealthbeing" philosophy. The centre's experience embodies AIA's "Wealthbeing" theme and pays tribute to the strength and resilience of Singapore, as it grew to be a premier wealth and health hub today.
Commemorating the grand opening and as part of AIA Singapore's environmental, social and governance (ESG) commitment to create a more sustainable society for our customers and community, the company commissioned local artist, Natalia Tan, where sustainability is at the core of her practice to create an art installation, made with various types of recycled and sustainable materials. To showcase that success is a collaborative process, invited guests at the launch event contributed to the creation of the tapestry artwork through an engaging and interactive experience guided by Natalia. The co-created art installation, completed during the launch, will also be permanently featured as part of AIA Wealth Centre's art collection, amongst many others from esteemed Singaporean artists such as Lim Tze Peng, Low Puay Hua and Vincent Chua. These art pieces embody the "Wealthbeing" theme, effectively showcasing AIA Singapore's commitment to support the holistic well-being and wealth goals of their clients.
