Privé Technologies is a leading innovator in the financial and wealth management industries. Recognized as the No.1 Robo-Advisor product in Asia by Kaplan in 2018 and ranked as the 14th fastest growing technology company in Asia in 2018 by the Financial Times’ FT 1000 APAC rankings, Privé’s three platforms – Managers, Avenir and WEALTH – provide end-to-end solutions for banks, financial advisors, independent asset managers and insurance companies. We are uniquely positioned between the banking software behemoths and the small FinTech startups to provide the most comprehensive and innovative services to our wide network of B2B and B2C participants. Our solutions help the financial institutions of today to streamline and transform through complete digitization, enabling them to operate more efficiently and effectively than ever before and highly reduced cost – ultimately driving revenues for the financial institutions.
Our suite of seamlessly integrated products – which spans from client acquisition and content marketing, to digital onboarding and CRM, to portfolio construction and reporting, to account aggregation, robo and bionic advisory, insurance aggregation and pricing, as well as a product and securities brokerage platform, and more – is unparalleled in the financial technology industry.Founded in 2011 and headquartered in Hong Kong, Privé has offices in Singapore, Malaysia, Thailand, Taiwan, Korea and China, as well as an extensive office network in Germany and Austria.Privé services over 70 financial institutional clients globally, including some of the world’s largest banks by AUM.
Privé’s two co-founders, Julian Schillinger and Charles Wong, previously worked together in the Structure Product Side at JPMorgan. In the 1990s and 2000s, it took a lot of time to manufacture these products. There was no robo advisory, artificial intelligence or algorithms but excel files that were linked together to reflect correlation among different factors, such as pricing, risk allocation and other characteristics of a structured product. Given this pain point, the small idea that became Privé was how to digitize and create bespoke structured products. Once a digitized journey for structured products was created, Privé began to investigate into the digitization of private banks and portfolio creation. Eventually, this led to the creation of a holistic platform where the ultimate goal was not only to deliver bespoke financial products, but to deliver a bespoke financial experience.
Furthermore, according to a research, 7 out of 10 people welcome robo advisory for financial advice. However, two-thirds of these individuals still want a certain level of human interaction. Although artificial intelligence has been advancing at a rapid pace, conventional wisdom is that there is still a wide gap where machines can truly understand human emotions to provide advice at the level of current human advisors.
Thus, Prive prides itself in its ability to empower financial advisors through a “bionic” approach so that they will be able to offer a heightened level of personalization to their clients. It is the synergy of best of the robo-capabilities with the human element that allows for a “phygital” experience. It is not the intention of the platform to replace the financial advisor, but rather empower them through automation of back-office tasks and tools geared to ramp up productivity. Through a bionic, or phygital, experience, clients are able to get a significantly enhanced experience while still delivering that human empathy and behavioural understanding that artificial intelligence is simply not able to achieve
yet. In addition, as our solutions work with each other, they also feed off data from one another. What this results in is a constant improvement loop within our offerings to improve the functionality and abilities of our platform working in unison.
Privé’s proposal is an integrated and modular solution, which enables us to augment existing systems without having to undergo a wholesale replacement or exchange of a system for a Private Bank or Asset Manager. Since each of our modules are able to integrate easily through scalable microservices with the existing system and only with respect to functionality that is required or wanted by the client, it enables our system to maintain the inherent customer journey that is unique for our clients and the end investors.
This is what effectively puts us into a league of our own. Traditionally, financial institutions use several third-party service providers to deliver the financial services and build their wealth management processes. While these third-parties may provide top of the line functionalities with reference to the module that they offer, it results in a fragmented deliver. There will be a certain amount of manual integration required for the third-parties to be able to communicate with one another.
Our value lies in the fact that we are able to provide numerous modules that integrate and work together seamlessly. We are able to deliver an ecosystem catered for the end to end wealth management process. This allows our clients to provide a seamless and holistic wealth management experience to their clients. The fact that the platform is multi-asset, multi-lingual and multi-jurisdiction, the Privé platform is conforming to a wide range of use cases and functionalities for clients of all magnitudes. Our modularity enables financial institutions to simply pick and choose the functionalities that they require to quickly and effectively roll out. Once adopted, client are able to choose to integrate more modules from those that we offer or request more functionality via additional modules, we are able to do so immediately, and effortlessly, integrate the additional and new module(s) so that data transfer is seamless and utilization of such data is efficient and can cross multiple digital touchpoints.
Further, Privé’s robo-engine (which is currently being patented) is able to customize and adapt model portfolios and vFunds for various financial institutions and clientele. As a regulated entity in Hong Kong, Privé is also able to offer financial broker/dealer services under its Type 1 license. Privé also has a robust and experienced legal and compliance team, which oversees product, software and technology development to ensure that business strategies adhere to local regulations and best international practices . All of these aspects combined put Privé ahead of its competitors whose solutions lack the comprehensive approach adopted by Privé Managers.
To add on, since structured products have no historical data and so traditionally backtesting would incur the comparison of apples to oranges – It simply didn’t mean anything. By allowing the backtesting of structured products using intelligent hypothetical scenario analysis for structured products, we provide the advisors with additional cause to substantiate their sales of what appears to be a dying product.
Privé also operates a digital portal to provide corporate insurance for businesses. This platform is design to aid small and medium corporations to better manage their corporate insurance, as well as giving them the tools to explore, purchase, and manage their business’ insurances needs, to ensure that their insurance policies are best suited to their corporate structure and needs.
Privé is uniquely positioned between the banking software behemoths and the small fintech startups to provide the widest and most innovative services to our B2B and B2C clients. From client acquisition and content marketing, to digital on-boarding and CRM, to portfolio construction and reporting, to account aggregation, robo and bio-advisory, insurance aggregation and pricing, as well as a product and securities brokerage platform, and more, the breadth of tested and evolving products are unparalleled in the wealth tech industry.
Through our integrated platform, we have a variety of products that are unique in the market. One of our most popular modules is the investment explorer, which allows users to navigate through an entire universe of assets and find a comprehensive online factsheet associated with the asset. What sets this apart from any other investment explorer is the fact that it is multi-asset (featuring assets of all sorts, including but not limited to; bonds, mutual funds, options, ETFs, structured products and more), multi-jurisdiction (we can display assets regardless of where they are registered) and multi-currency.
Further, our workflows and processes module allows automated compliance withcertain in ternal processes and workflows. This module allows the client to construct workflows based on certain triggers to carry out tasks and events automatically. For instance, if there is a change of address, the module could know the documents that are required by the client and which party or parties to send the documentation to for approval. While this is a simple example, the module significantly reduces regulatory and compliance risks.
Then, Privé is able to digitize the entire KFS process and minimize the human errors associated with reciting the key risks through an automated text-to-speech engine, currently offered in English, Cantonese and Mandarin.Our system performs a daily scan of the KFS documents and extracts the most up-to-date key risks for every investment. The user is able to dial into a number provided by Privé and taken through a journey defined by the client.
The investment guidelines module offers a peace of mind for regulatory, compliance and investment professionals e. Portfolio management rules can be applied to accounts and portfolios. The rules can be defined based on, and not limited to, risk, performance, deviation, and allocation.
Retrocessions can be tracked for multiple users based on commission reported by the execution platform for each order transaction. Retrocession is automatically calculated by the system based on a formula defined by the client. Retrocession information can be extracted from the system in various formats to be used by client’s management, operations team or client. More recently, we’ve expanded our provisions with relation to structured products, and now position ourselves with very unique capabilities in the structured products market. The ability to not only price a structured products with multiple underlyings and taking into consideration current and hypothetical market conditions, but enabling the ability to view the product in a portfolio context. Users can now see the price performance and various risk metrics of a portfolio with a structured product. The credibility of this functionality is substantiated by being the awardee of the Structured Products Technology Provider of the Year 2017. All of our unique functionalities aside, what truly makes us unique and puts us in an extremely advantageous position is the fact that all of this functionality is seamlessly integrated. The modularity of this functionality also enables our clients to construct the journey as they please, by using our powerful building blocks working in harmony. It’s not just the technology that is integrated. We’ve ventured beyond the traditional sense of wealth management technology. More recently, we’ve taken into account not just wealth management, but wealth in general. We offer products on the platform, which now enables users to perform straight through processing. Through our content provider, we’ve captured and digitized the lead generation and client acquisition portion of financial institutions. So when we say that we do the A-Z of wealth management, we’re constructing a powerful and integrated ecosystem for wealth.