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Komfie Manalo, Opalesque Asia: Millennials are changing how Asia’s family offices are run because they are thinking quite differently from their patriarchs. The millennials are not only changing the people profile, but the investor profile as well.
[For example,] "they understand FinTech just like that – understanding the subject and how to use it which daddy didn’t know about," said Noor Noor Quek, Founder and CEO of NQ International at the latest Opalesque Singapore Roundtable.
She continued, "And therefore they want to understand and are questioning the banks on their strategies and solutions. Having been educated overseas and having some family wealth behind them, they feel they have the whole world in their hands. They want to be involved in investment decisions, will ask the right questions and use FinTech in their assessments. The bankers/advisors MUST be fully in line with this. Is done well, it has big multiplier effects on the growth of businesses."
Singapore not rushing with big business plan
At the same time, Quek said she believes that the stand Singapore is taking is both responsible and correct. She expressed satisfaction that the city-state is not rushing forth with the big business development plan to say "we can do this, that and the other and that we can achieve results now."
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