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Welcome to Nasdaq trade talks.

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I'm your host, Jill Malandrino,

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global markets
reporter at Nasdaq.

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Joining us for this segment.

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We have Wang Chi, chief
investment officer

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of UOB Kay Hian.

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He joins us to discuss
trends in evolving needs

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of retail investors
in the APAC region.

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Gee, it's great to
have you with us.

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Welcome to Trade Talks.

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Thank you. Welcome.
Thank you for having us.

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You got it. And give us some
background on UOB Kay Hian.

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Tell us more about it.

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Uh, UOB Kay Hian is

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a leading Asian financial
services firm based

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in Singapore and listed on
the Singapore Stock Exchange.

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Um, as the name implies, uh,

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it is a bank backed,

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uh brokerage firm
backed by the UOB bank.

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Um, and our businesses,
uh, cover, um,

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a range of services from
securities trading, uh,

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corporate finance,
structured products,

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uh, institutional, uh,
sales and research.

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And last but not the
least is the business

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I work for called private
wealth management.

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Uh, one of the fastest growing
units within our firm.

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Um, as an Asian firm,

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our mission has always been to,

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uh, connect Asia with
the rest of the world.

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Uh, meaning either
raising capital for

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Asian firms globally
or, uh, investing, uh,

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clients money globally for
Asian based clients and, uh,

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within private
wealth management,

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which is the business
I report to, uh,

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our mission is
really to provide,

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uh, value added,
curated insights, uh,

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for our high net
worth individuals and

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family office clients for

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their wealth
protection and growth,

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which is a very
interesting topic in

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this today's uncertain
macro environment.

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We can certainly talk more
about that if you like.

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Yes, and we certainly will.

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Before we get to that,

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how has the business
grown over the years,

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alongside with
investors changing

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needs in the Southeast
Asia and Asian regions?

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Oh, fortunately, our
business has grown

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tremendously in the
last few years.

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And as I mentioned,

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we are a listed company.

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So a lot of these information

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is available publicly about our,

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uh, revenue and growth, etc..

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I just want to focus
a little bit on

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the private wealth
management business,

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because you mentioned about
the retail investors today.

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Um, we benefited tremendously,

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uh, from several
trends in the past.

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Um, number one is, um,

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I know it may sound
a little bit corny,

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but something called
the Asian century,

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meaning that despite
the ups and downs, um,

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Asia is rapidly rising in its
significance in terms of,

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uh, trade, economy,
technology and finance.

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Um, and when you when
you talk about Asia,

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people typically associate
that with India and China.

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But from our perspective,
it's beyond that.

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So these days we are seeing

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very interesting opportunities
in Malaysia, in Singapore,

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in Vietnam, in Thailand,

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all because of the geopolitics,

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the macro environment and

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the technology innovation that's

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happening around the world.

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So we are quite bullish on Asia,

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and we are committed to

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this part of the world
as our business base.

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And number two is
something related

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to the above is that we are

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seeing tremendous
wealth creation

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in this part of the world,

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as you would imagine.

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Um, and back in the old days,

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the Asian wealth
typically come from, um,

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real estate, uh, agriculture,

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metals and mining and
low end manufacturing.

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And that's what you typically
associate Asia with.

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But, you know, the new
regime shows that these,

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um, things are changing.

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So increasingly we are
seeing growth in, um,

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advanced manufacturing
technology,

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consumer brands and even
cultural related businesses.

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Um, so that's an
interesting data point.

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We're seeing growth
among companies.

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We're also seeing
the wealth growth

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out of those areas in Asia.

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Uh, again, make us very bullish
about the Asian century.

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And third is is on the local
financial services market.

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And you guys also
an expert on this.

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You can tell me more about it,

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which is that the local Asian
financial markets are also,

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uh, growing, um, bigger,

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deeper and more resilient.

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Uh, we've been through a
lot of crises in the past,

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the infamous Asian
crisis in 1997 or 1998.

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But we have, um,

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grown out of that.

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And, um, and if you look
at the past ten years,

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whether it's the Covid
or other, uh, small,

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uh, crisis around the world,

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Asia turned out to
be quite resilient.

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And, uh, part of that reason,

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which is a hot topic today,

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is that we are seeing

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a trend called
de-dollarization, um,

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which has benefited Asia as
well, making Asian markets,

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um, more interesting for
investment standpoint.

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So all these three
things combined make us,

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um, uh, positive and

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optimistic about about
Asia over the long term.

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And with such a
dynamic marketplace,

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what are some of the challenges
that you have faced?

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Great question. Um, we
face challenges every day.

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So so I think, you know,

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with these opportunities always

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come with tremendous challenges.

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Um, um, just to be brief,

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uh, I know that we don't
have too much time today,

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but the investment
in equation today

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globally has become more dynamic
and more complex by day.

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Uh, given the geopolitics,

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uh, the technology innovations.

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And also don't
forget demographics.

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Um, so, for example,
with AI, uh,

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one of the challenge that
we face is how we can, um,

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uh, better provide

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our high touch brokerage
services to our clients.

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And whether that service
is still relevant,

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because you can see that

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AI is increasingly
replacing human.

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Um, and then the second
issue is the with

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the intricacy and uncertainty

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surrounding geopolitics,
which is, you know,

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this has just happened the
last few weeks, um, that, uh,

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how we can provide clients

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with timely and value
added insights in

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such a complex environment

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and how we can better help

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them navigate this environment.

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And when I talk
about geopolitics,

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we all know
essentially comes down

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to the battle of the giants,

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the US-China relations, um,

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and Asia, I would say is
at the forefront of that.

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Some countries benefited,
but some countries also face

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challenges and some
countries face

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both opportunities and
challenges at the same time.

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So it's quite complex.

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It's not something we can
figure out right away.

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But like I said, we are
dedicated to help our clients

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to navigate this extremely
difficult environment.

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Um, and third is that, you know,

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with emergency of these
new asset classes

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like crypto and stablecoins,

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how can we help our
clients to, first of all,

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to understand this trend, um,

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and then capture these
opportunities while

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properly managing the
volatility and the risk?

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And this is maybe
where Nasdaq coming.

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I understand Nasdaq may
have some solutions for

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us there in terms of like

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technology platforms to help

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investors better manage risk

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and better understand
the markets.

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Um, certainly it's relevant
for today's discussion.

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Yeah, It certainly is.
Before we get into that,

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I want to talk about the
retail investor for a moment.

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And as one of Asia's
largest brokerage firms,

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what are some of the
recent trends among

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retail investors that
you've noticed that

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could potentially have
an impact on the future?

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Well, another great question.

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Yes, it too much to talk
about here first of all.

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But it's difficult to
generalize, I would say.

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But from my perspective,

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one of the big change I'm

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seeing is really
the rapid growth

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in the so-called online
trading and digital platforms.

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Um, I came from

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a very strong institutional
background from Wall Street.

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So when I joined the
business about 28 years ago,

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the access to financial
information is quite limited.

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The access to trading
was quite limited,

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and it was not

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an easy thing to do for people

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just to look up information,

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Do analysis and trade stocks.

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But today, as we all know, um,

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a number of our competitors

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have pioneered online trading,

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online information,
online research and

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all these things that
made it really easy for,

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um, mom and pops to
adopt, uh, trading.

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Um, anyway, um, so so
that's a big change.

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Um, and then on the other hand,

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we also have a,

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uh, a younger generation.

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I won't say exactly
young generation,

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but I would say people
about my age or younger,

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a relatively young generation of

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people where they're digital,

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digital natives, they're
grown up with internet.

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They grew up with mobile phones
and mobile technologies,

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and they just embrace this
online trading really easily.

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So that's, um, a big change.

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And that presents
both opportunities

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and challenges for us.

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Um, I think overall
it's a great thing

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that the industry
is offering, uh,

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people, uh, low touch
and high efficiency,

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uh, online trading services.

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But I think there's
still a catch, uh,

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because investing
involving risks, um,

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especially if, um, like I say,

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in today's dynamic environment

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where the risks are
so hard to predict.

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So I don't think
these low touch,

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pure online, low
cost do as you wish.

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Services are necessarily good.

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Um, certainly have merits.

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As I mentioned, it's

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a positive change overall if
you know what you're doing.

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Uh, so from our perspective.

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As we see this trend,

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we identify ourselves as

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some firm that
continue to offer, um,

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high touch services
to certain clients,

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along with online
trading services,

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along with the
convenience of the, the,

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the web and all these
new technologies.

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So, um, I think there's

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a there's certainly
merit to that.

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Um, you can think of us the
business as, as a beach.

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There's a section of the
beach where everyone can just

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go without lifeguards and

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and people love to go go
there because it's free

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and it's easy to access.

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But we continue to maintain

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this section of the beach where

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we carefully safeguard
our clients assets.

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Um, and I think
again, in, in, in,

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in the new paradigm
we're living today

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when risks are so complex
and unpredictable,

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there's a value for
our services where we

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can help retail and high
net worth investors,

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uh, with, um,
fiduciary services,

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not just the convenience
of online trading.

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Yeah, I would agree with you.

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Same timeline as
you starting off in

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institutional equity
trading on Wall Street.

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And it's fascinating to me,

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you know, starting in the mid
to late 90s and, you know,

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still trading in
paper and fractions,

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just what's available for,

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you know, retail
investors these days.

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Um, but I do agree with you.

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The safeguards are certainly

269
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something that need
to be considered.

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So when we think
about future outlook,

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what are some of the key
focuses that you will be

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Kehan is looking into
2026 and years to come.

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So one of our slogan is
that at UOB Kay here,

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we want to be more
than just your broker.

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Um, our job is to protect
and grow your wealth over

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time in today's complex and
fast changing environment.

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So that that's that definitely

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will be a key focus,
as I mentioned.

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Um, so how do we do that?

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Uh, one thing is that we must

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raise the quality
of our research.

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Uh, our advice and

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also our portfolio
management services.

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That's the business
I'm in charge of

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as CIO at UOB Kay here.

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And then how do we
define quality?

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Um, I think it needs the
research or the advice.

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Need to be clear,

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need to be simple.

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I think today the
market is already

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filled with a lot of noise.

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Um, there's a lot
of social media

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even talk about, uh, markets.

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So we certainly don't want to

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make things more complicated.

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Um, so the clarity is important,

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the simplicity is important,

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and it needs to be grounded
in solid research.

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And we're quite serious
about research, in fact.

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And the last two things is about

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the timeliness and
also about actionable.

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So all these ideas

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needs to be actionable
at the end of the day.

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People come to us
to execute trades.

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People here come to
us to make money.

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So I think all these
things need eventually

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need to be translated into
some kind of actionable ideas.

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00:14:46,580 --> 00:14:49,059
So that's, you know,

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our business in a nutshell.

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That's our focus in a nutshell.

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And then interestingly, as
I mentioned, um, you know,

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in addition to the traditional
financial services

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we provide to clients,

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00:15:01,719 --> 00:15:04,080
whatever insight we provide, uh,

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I think some of our clients also

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apply to their businesses,

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to their family life,

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or to other aspects of
their personal lives.

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Uh, I'll give you one example.

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00:15:15,680 --> 00:15:18,620
We have been written
a lot about AI.

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I think this implications of
AI go well beyond investing.

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So a lot of the people
actually came to

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00:15:26,100 --> 00:15:29,499
us not just for
investment by AI,

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but also maybe on

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00:15:30,800 --> 00:15:33,729
business advice and maybe
on career advice and

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00:15:33,729 --> 00:15:35,429
maybe on the career
advice other of

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their children when they're
still studying in college.

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00:15:38,170 --> 00:15:40,970
I think there's some huge
ramifications on that, uh,

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00:15:40,970 --> 00:15:44,130
from that, uh, from the
from the AI innovation.

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Of course, it's
not easy for us to

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answer all of these questions,

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but I you can see that people

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trust us with that
kind of advice.

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00:15:51,690 --> 00:15:53,410
And this is something
that we could

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00:15:53,410 --> 00:15:55,250
potentially expand on, uh,

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00:15:55,250 --> 00:15:58,269
not just as a financial
services provider,

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but also as a company.

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00:16:00,290 --> 00:16:03,470
That series about
investing, series about,

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00:16:03,470 --> 00:16:08,210
um, insights that can
help our clients.

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00:16:08,210 --> 00:16:11,169
And finally, chief, tell us
about your collaboration with

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00:16:11,169 --> 00:16:14,450
Nasdaq and why you have
chosen to partner with us.

342
00:16:14,450 --> 00:16:16,769
Thank you. Yes, it is absolutely

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00:16:16,769 --> 00:16:18,690
a pleasure to work with Nasdaq.

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00:16:18,690 --> 00:16:20,289
And consistent with what I said

345
00:16:20,289 --> 00:16:22,470
about series about investing.

346
00:16:22,470 --> 00:16:24,169
Uh, Nasdaq, first of all,

347
00:16:24,169 --> 00:16:25,710
is a great brand.

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00:16:25,710 --> 00:16:29,250
Um, uh, there are

349
00:16:29,250 --> 00:16:31,149
very few brands around the world

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00:16:31,149 --> 00:16:34,430
can entice any kind
of emotional value.

351
00:16:34,430 --> 00:16:37,230
I think Nasdaq has done it.

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00:16:37,230 --> 00:16:39,870
I'm not sure about you, but
when I think about Nasdaq,

353
00:16:39,870 --> 00:16:43,590
it's it reminds
me of innovation.

354
00:16:43,590 --> 00:16:45,370
It reminds me of growth.

355
00:16:45,370 --> 00:16:50,249
I think it reminds me
of some of the best,

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00:16:50,249 --> 00:16:52,330
most innovative,

357
00:16:52,330 --> 00:16:54,730
fastest growing companies
around the world.

358
00:16:54,730 --> 00:16:56,829
I think to that end,

359
00:16:56,829 --> 00:16:58,030
Nasdaq has done it.

360
00:16:58,030 --> 00:17:01,110
So that's on the surface.

361
00:17:01,110 --> 00:17:04,830
Below the surface, we
really appreciate Nasdaq's,

362
00:17:04,830 --> 00:17:07,390
uh, data support
and data services.

363
00:17:07,390 --> 00:17:10,270
So recently we subscribed to,

364
00:17:10,270 --> 00:17:13,450
um, your data services
through our Hong Kong office.

365
00:17:13,450 --> 00:17:16,829
Um, and then we also
evaluating looking into

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00:17:16,829 --> 00:17:21,130
your other technology
driven services.

367
00:17:21,130 --> 00:17:22,329
And correct me if I'm wrong,

368
00:17:22,329 --> 00:17:25,290
whether this is by
chance or by design.

369
00:17:25,290 --> 00:17:29,274
Nasdaq very much replicate
a lot of the innovative,

370
00:17:29,274 --> 00:17:32,940
uh, things that some of
your listed companies do,

371
00:17:32,940 --> 00:17:34,380
like in Silicon Valley.

372
00:17:34,380 --> 00:17:37,460
So we do appreciate your
support and services.

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00:17:37,460 --> 00:17:39,920
Uh, for example, um,

374
00:17:39,920 --> 00:17:41,660
in the indexing part of

375
00:17:41,660 --> 00:17:44,740
your business is quite
interesting to us.

376
00:17:44,740 --> 00:17:46,539
As you know, uh,

377
00:17:46,539 --> 00:17:49,199
passive has been growing,

378
00:17:49,199 --> 00:17:51,820
uh, rapidly around the world.

379
00:17:51,820 --> 00:17:56,460
And I think today is almost
40% of the US market.

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00:17:56,460 --> 00:17:59,380
And this is something
that both us as

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00:17:59,380 --> 00:18:03,620
a firm and also our clients
are intensely interested in.

382
00:18:03,620 --> 00:18:06,239
So I very much look forward to

383
00:18:06,239 --> 00:18:09,300
working more closely
with you in the future.

384
00:18:09,300 --> 00:18:11,460
And please keep in touch.

385
00:18:11,460 --> 00:18:13,900
All right. Well, we appreciate
the partnership and look

386
00:18:13,900 --> 00:18:16,120
forward to innovating
with you as well.

387
00:18:16,120 --> 00:18:17,900
She appreciate your insights

388
00:18:17,900 --> 00:18:19,460
and thanks for joining
us on trade talks.

389
00:18:19,460 --> 00:18:22,520
I'm Jill Malandrino global
markets reporter at Nasdaq.

390
00:18:22,520 --> 00:18:24,500
Thank you Joe.