Asia's next-gen rich, globally-educated and financially-literate, are taking control of their wealth

Core Insights - Wealth managers in Asia are increasingly allowing the younger generation of wealthy individuals to take control of their financial management, driven by an intergenerational wealth transfer that could amount to $5.8 trillion by 2030 [1][2] Company Overview - Maybank, established its private banking division in 2013, and has since expanded its wealth management offerings under the leadership of Alice Tan, who has a background in investment firms [3] - The bank reported a revenue of $15.1 billion in 2024, ranking No. 19 on the Fortune Southeast Asia 500 list, and is the highest-ranked Malaysian company on the list [4] - With total assets of $240 billion, Maybank is recognized as Southeast Asia's largest Islamic bank and ranks among the top five global Islamic finance institutions [5] Market Focus - Maybank operates primarily in Singapore, Malaysia, and Indonesia, and is optimistic about Southeast Asia's economic prospects due to its young population and steady growth [6] - The bank is a significant player in Islamic finance, attracting a diverse clientele, including non-Muslims, with over half of its Islamic banking customers in Malaysia being ethnic Chinese [7] Islamic Wealth Management - Islamic banking adheres to shariah law, emphasizing ethical investments and asset-backed transactions, and Islamic wealth management incorporates principles like zakat [8] - The bank's approach to Islamic wealth management is designed to appeal to a broader audience, particularly the younger demographic, by focusing on values and ethical practices [9] Expansion Plans - Maybank aims to enhance its wealth management services in Cambodia and the Philippines, leveraging its existing wholesale banking infrastructure, with Cambodia's banking sector still developing [9] - The bank is also exploring opportunities in high-growth markets such as Vietnam and Greater China, with aspirations to establish itself as a leading financial institution in ASEAN [10]