Fintech PR
80% of asset and wealth managers say AI will fuel revenue growth while ‘tech-as-a-service’ could see 12% boost to revenues by 2028: PwC 2024 Asset & Wealth Management Report
- Almost three-fourths (73%) of asset and wealth management (AWM) organisations say AI is seen as the most transformational technology over the next 2-3 years
- 81% are contemplating strategic partnerships, consolidations, or mergers and acquisitions (M&A) to enhance technological capabilities and build an ‘extended tech ecosystem’
- Global assets under management (AUM) projected by PwC to hit US$171 trillion by 2028 at a 5.9% compound annual growth rate (CAGR), with alternatives to grow quicker – at 6.7% CAGR, to reach $27.6 trillion by 2028
- AWM organisations look to tokenisation to democratise finance: PwC expects tokenised investment funds to surge to over $317 billion in 2028, at a 51% CAGR
- Skills in high demand: 73% of asset managers considering M&A see access to skilled expertise as the number one driver of deal-making over next 2-3 years, yet 30% say they lack relevant skills and talent
LONDON, Nov. 19, 2024 /PRNewswire/ — Four-fifths (80%) of asset and wealth management (AWM) organisations say disruptive technologies such as AI will fuel revenue growth, with those moving quickly to adopt ‘tech-as-a-service’ potentially seeing a 12% boost to revenues by 2028, according to PwC analysis.
PwC’s 2024 Asset & Wealth Management Report, released today, surveyed 264 asset managers and 257 institutional investors from across 28 countries and territories, and also finds that four-fifths (81%) are contemplating strategic partnerships, consolidations, or mergers and acquisitions in order to enhance technological capabilities and build an ‘extended tech ecosystem’ to innovate, expand into new markets, and democratise access to investment products ahead of a great wealth transfer.
The report also finds that global AUM held by AWM organisations around the world is projected by PwC to hit US$171 trillion by 2028, with tokenised investment funds to surge at a CAGR of 51%.
Albertha Charles, Global Asset & Wealth Management Leader, PwC UK, said:
“Disruptive technologies such as AI are transforming the asset and wealth management industry and fuelling revenue growth, productivity and efficiency. Market players are subsequently looking to strategic consolidation and partnerships to build tech-driven ecosystems, break down silos in data management, and transform their service offerings ahead of a great wealth transfer that will see mass affluents and younger audiences play a greater role in shaping service demands. To emerge as leaders in this new digital-first market, AWM organisations must invest in their technological transformation while also ensuring they are re-skilling and upskilling their workforces with the necessary digital capabilities to remain competitive and innovative.”
Disruptive technologies will fuel AWM revenue growth
AWM organisations broadly see disruptive technologies such as AI as transformational, with almost three-fourths (73%) viewing it as the most transformative technology over the next two to three years. 80% say such technologies will fuel revenue growth, with 84% noting it will improve operational efficiency and 72% noting it will improve employee productivity. The provision of tech-as-a-service1 by AMW organisations could deliver a 12% boost to revenues by 2028, according to PwC analysis.
While such technologies represent an opportunity to turbo-charge operations and access new markets, more than three-fifths (68%) say that they allocate less than one-sixth of their capital to innovative and potentially transformative technologies, with more than half (59%) of institutional investors noting such technologies could reduce their reliance on asset managers. This comes as only 20% of AWM organisations are currently using disruptive tech to enhance personalised investment advisory.
Global AUM to hit US$171 trillion by 2028, with alternatives leading the way
Under baseline projections, PwC research estimates global assets under management (AUM) held by asset and wealth managers (AWMs) is expected to hit US$171 trillion by 2028, reflecting a 5.9% CAGR, and up from 5% last year. Alternatives are projected to grow much faster – at a CAGR of 6.7%, to reach $27.6 trillion by 2028.
As AWM organisations look to new growth opportunities, tokenisation stands out, with tokenised investment funds expected by PwC to increase from $40 billion to over $317 billion in 2028, representing a 51% CAGR. Tokenisation, or fractional ownership,2 could expand market offerings by democratising finance and lowering premiums, with tokenisation planned to be offered notably by asset managers in private equity (53%), equity (46%), and hedge funds (44%). While alternatives represent a significant growth opportunity, less than one-fifth (18%) currently offer emerging asset classes such as digital assets as part of their offering – even as eight in ten that do offer such assets report a rise in inflows.
AWM looks to consolidation and tech ecosystems as talent remains top priority
Against this backdrop, 30% of asset managers say they are currently facing a lack of relevant skills and talent, while 73% of AWM organisations who are exploring M&A see access to skilled expertise as the number one driver for deal-making over the next 2-3 years. As AWM organisations contend with digital disruption and expanding their talent and product pools, more than four-fifths (81%) are contemplating strategic partnerships, consolidations, or mergers and acquisitions to build an extended tech ecosystem to drive growth.
Albertha Charles, Global Asset & Wealth Management Leader, PwC UK, concludes:
“The report highlights an urgent need for AWM organisations to rethink investment strategies. Long-term viability depends on a radical, fundamental and continuous reinvention of how organisations create and deliver value. Strategic partnerships and consolidation will play a vital role in building tech ecosystems that will facilitate a greater transfer of ideas and expertise. Smaller players will be able to bring their systems up to speed quickly and cost-effectively, while allowing larger players to access talent and insight pivotal to growth, particularly as new and emerging technologies such as AI transform the investment management landscape.”
About PwC 2024 Asset & Wealth Management Report
PwC’s 2024 Asset & Wealth Management Report is an international survey of 264 asset managers and 257 institutional investors from across 28 countries and territories. Respondents covered a broad spectrum of AUM size, with more than half boasting assets of over US$10 billion. You can read the full report at www.pwc.com
About PwC
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 149 countries with more than 370,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
1 Tech-as-a-service includes ‘platforms for product distribution, portfolio management, risk and data analytics, and more.’ More broadly it is a model that allows third parties to offer financial services by using the technology and regulatory framework of traditional financial institutions.
2 Tokenisation is the digitisation of an asset where each unit or token represents ownership of part of that asset. It converts rights to an asset into a form of digital token facilitated by a blockchain platform.
Fintech PR
GCL Energy Technology and Ant Digital Technologies Launch First Blockchain-Based RWA Project in Photovoltaic Industry
SUZHOU, China, Dec. 23, 2024 /PRNewswire/ — GCL Energy Technology Co., Ltd., a leader in the clean energy sector, and Ant Digital Technologies, a pioneer in digital technology services and blockchain technology, have achieved a significant milestone by successfully completing the first-ever Real World Asset Tokenization (RWA) issuance in China’s photovoltaic industry, securing 200 million yuan in cross-border financing. The groundbreaking initiative on December 23 not only injects substantial new capital into GCL Energy Technology’s ambitious growth plans but also establishes a novel financing model for Chinese photovoltaic companies seeking to fund green projects internationally.
RWA represents a transformative approach to asset management, where physical assets are digitized as tokens on the blockchain, enhancing liquidity and market accessibility. For this inaugural issuance, GCL Energy Technology has tokenized two strategically significant solar power plants in Hunan and Hubei, with a combined capacity of approximately 82MW, to spearhead this new financing frontier.
As the core entity of China’s largest private power conglomerate, GCL (Group) Holdings Co., Ltd., GCL Energy Technology is at the forefront of integrating clean energy production with comprehensive energy services and advanced digital operations. The company has significantly expanded its renewable energy footprint, with its total installed capacity reaching 5976.36 megawatts as of September 30, 2024, and renewable sources constituting 57.81% of this capacity. Notably, under the GCL SUN brand, residential photovoltaic installations have surged to 1105.89 megawatts across more than 36,500 households, demonstrating robust growth.
This RWA initiative is a cornerstone in GCL Energy Technology’s strategy to harness data for asset valorization, involving around 3000 residential photovoltaic systems. By integrating cutting-edge artificial intelligence, blockchain, and IoT technologies, the project packages and stores operational and revenue data on the blockchain. This dual-chain and one-bridge architecture has garnered strong backing from prominent global investors, reinforcing RWA’s role as a pivotal green finance tool that underscores the company’s commitment to sustainable development and transparency.
The move not only bolsters GCL Energy Technology’s global ESG credentials but also strengthens its position in the international market, aligning investor interests with the burgeoning demand for environmentally responsible, low-carbon investments. Looking ahead, GCL Energy Technology remains dedicated to leading the charge in renewable energy, with a strategic focus on leveraging data to drive innovation across the sector and foster a transparent, effective ESG ecosystem.
During the issuance event, Ant Digital Technologies emphasized that industries are increasingly adopting renewable energy and sustainable assets to drive sustainable growth, and its partnership with GCL Energy Technology aims to better support this trend. Leveraging blockchain and smart contract technologies, the collaboration has dramatically improved the transparency and efficiency of asset management, operations, and transactions, while also reducing costs associated with these activities. The strategic alliance is a response to the growing market demand in the photovoltaic sector, bringing substantial practical benefits to the real economy and demonstrating the scalability of these advanced technologies.
At the same event, strategic ties were further cemented with a comprehensive partnership agreement signed with Ant Digital Technologies in Suzhou. The partnership will broaden to include joint construction, acquisition, and securitization of new energy assets, covering distributed, commercial, industrial, and residential photovoltaic power stations.
In addition, both parties will collaborate to develop AI large model applications for various scenarios including new energy generation forecasting, energy management optimization, and intelligent operations, driving the industry’s move towards enhanced intelligence and sustainability.
Photo – https://mma.prnewswire.com/media/2586830/1.jpg
Logo – https://mma.prnewswire.com/media/2586835/GCLET_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/gcl-energy-technology-and-ant-digital-technologies-launch-first-blockchain-based-rwa-project-in-photovoltaic-industry-302338353.html
Fintech PR
FXCess CFD Broker Now Empowers Partners with up to $5,000 Monthly Earning Opportunity via Referrals
HAMILTON, Bermuda, Dec. 23, 2024 /PRNewswire/ — FXCess CFD broker, a leading brand in the trading landscape, has introduced a new opportunity for its partners. The IB Reward program is a recently launched initiative that pays participants up to $5,000 per month for referring active traders. Unlike other income opportunities, this program involves zero risk, which makes it a perfect option for partners who want to maximize their financial potential.
“We are genuinely excited to bring this opportunity to our partners. The IB Reward Program is designed with simplicity and high returns in mind,” stated Thomas Pavlatos, the spokesperson for FXCess. “Participants will be able to earn substantial monthly rewards by referring new traders to our platform while enjoying the thrill of a risk-free earning process. This showcases our efforts to help our clients achieve consistent financial success.”
A Structure That Rewards Effort and Success
The FXCess CFD broker offers a Reward Program that is structured into five unique tiers. Starting at the Bronze level, partners can earn $450 if their network meets a net deposit of $10,000 and 100 traded lots in a month. Rewards grow progressively on Silver, Gold, and Platinum tiers, and reach the Master level with a maximum of $5,000 earnings for $150,000 net deposits and 1,250 traded lots. The eligibility is checked at the end of every qualifying month to make sure the participants get their due rewards for fluffing the criteria.
“Our Reward Program is more than a simple referral initiative. It is a reflection of our commitment to providing high-value benefits that align with the needs of our partners,” Pavlatos added. “With no risk of loss and the potential to earn up to $5,000 every month, this program sets a new standard in rewards. Moving forward, we remain dedicated to introducing further innovative programs for all of our valued partners.”
About FXCess
FXCess CFD broker is a trusted name for traders worldwide. The company offers over 300 trading instruments, from forex pairs to futures, for both beginners and seasoned professionals. Moreover, they provide competitive trade conditions, multiple account options, and solid customer support so that every client is served with the best services. Supported by advanced platforms like MT4 and PMAM, FXCess CFD broker delivers trading excellence with a focus on transparency and trust.
FXCess is a trade name of Notesco Int Limited; a company incorporated in Anguilla with registration number A000001800 and registered address The Valley, AI2640, Cosely Drive, 1338, AI.
All trading involves risk. It is possible to lose all your capital.
View original content:https://www.prnewswire.co.uk/news-releases/fxcess-cfd-broker-now-empowers-partners-with-up-to-5-000-monthly-earning-opportunity-via-referrals-302338245.html
MANCHESTER, England, Dec. 23, 2024 /PRNewswire/ — Smartkem (Nasdaq: SMTK), which is seeking to change the world of electronics using its disruptive organic thin-film transistors (OTFTs), announced it has completed its previously announced concurrent public and private offerings of its securities, including shares of its common stock and common stock equivalents, for an aggregate total gross proceeds of $7.65 million.
Smartkem issued 1,449,997 registered shares of common stock and unregistered Class D warrants to purchase up to 1,449,997 shares of common stock to investors in concurrent public and private offerings at a price of $3.00 per share and related Class D warrant. Each investor received one Class D warrant for each share purchased in the public offering.
Pursuant to the separate concurrent private placement, the Company sold to certain institutional investors, including existing investors in the Company, 169,784 unregistered shares of common stock, unregistered pre-funded warrants to purchase up to 930,215 shares of common stock and unregistered Class D warrants to purchase up to 1,099,999 shares of common stock at a price of $3.00 per share and related Class D warrant and a price of $2.9999 per pre-funded warrant and related Class D warrant. Each investor received one Class D warrant for each share of common stock or pre- funded warrant purchased in the offering.
The Class D warrants are immediately exercisable at an exercise price of $3.00 per share and expire on December 31, 2025. The pre-funded warrants are immediately exercisable at an exercise price of $0.0001 per share and may be exercised at any time until all of the pre-funded warrants have been exercised in full.
The gross proceeds of the offerings described above were $7.65 million before deducting placement agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds of the offerings for working capital and general corporate purposes.
Craig-Hallum Capital Group LLC acted as the Company’s exclusive placement agent for the offerings.
In connection with the offerings described above, the Company has entered into a registration rights offering pursuant to which it has agreed to register the shares of common stock issued in the private placement, the shares of common stock issuable upon the exercise of the Class D warrants and the pre-funded warrants sold in the offerings and certain other securities for resale by the holders thereof no later than the earlier of (i) the 10th day after the filing of the Company’s annual report on Form 10-K for the year ended December 31, 2024 or (ii) April 25, 2025.
The sale of the registered shares of common stock was made pursuant to Smartkem’s effective shelf registration statement on Form S-3 (file no. 333- 281608), including a base prospectus, filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on August 22, 2024 and a prospectus supplement dated December 18, 2024 filed with the SEC. Copies of the prospectus supplement and the accompanying base prospectus may be obtained from Craig-Hallum Capital Group LLC, Attention: Equity Capital Markets, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, by telephone at (612) 334-6300 or by email at [email protected]. Alternatively, copies of the prospectus supplement and the accompanying base prospectus may be obtained for free at the SEC’s EDGAR website at www.sec.gov.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any Smartkem securities.
About Smartkem
Smartkem is seeking to reshape the world of electronics with its disruptive organic thin-film transistors (OTFTs) that have the potential to revolutionize the display industry. Smartkem’s patented TRUFLEX® liquid semiconductor polymers can be used to make a new type of transistor that can be used in a number of display technologies, including next generation microLED displays. Smartkem’s organic inks enable low temperature printing processes that are compatible with existing manufacturing infrastructure to deliver low-cost displays that outperform existing technology.
Smartkem develops its materials at its research and development facility in Manchester, UK and provides prototyping services at the Centre for Process Innovation (CPI) at Sedgefield, UK. It has a field application office in Taiwan. The company has an extensive IP portfolio including 138 granted patents across 18 patent families, 16 pending patents and 40 codified trade secrets.
Forward-Looking Statements
All statements in this press release that are not historical are forward-looking statements, including, among other things, the expected use of proceeds received from the offerings. These statements are not historical facts but rather are based on Smartkem Inc.’s current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plan,” “project,” “believe,” “estimate,” and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company’s control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.
View original content:https://www.prnewswire.co.uk/news-releases/smartkem-closes-7-65-million-offering-302337973.html
-
Fintech7 days agoFintech Pulse: Your Daily Industry Brief (Synapse, Shenzhen Institute, Visa, AutomatIQ, MeridianLink)
-
Fintech6 days agoFintech Pulse: Your Daily Industry Brief (Revolut, Bestow, Advyzon, Tyme Group, Nubank)
-
Fintech4 days agoFintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA)
-
Fintech6 days agoAsian Financial Forum returns as region’s first major international financial assembly in 2025
-
Fintech PR3 days agoAccording to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
-
Fintech PR3 days agoPresident Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
-
Fintech4 days agoAirtm Enhances Its Board of Directors with Two Strategic Appointments
-
Fintech4 days agoSPAYZ.io prepares for iFX EXPO Dubai 2025