Singapore's Wealth Management Market to Boom, Backbase Expands Globally
Singapore's wealth management market is set to boom, predicted to grow from US$34.38 trillion in 2025 to US$50.80 trillion by 2030, fueled by a 9% annual increase in high-net-worth individuals and 80% digital adoption. Backbase, a digital banking software provider, is expanding its wealth management efforts globally, hiring senior talent in the US, Asia, and Europe.
Backbase has welcomed Joseph Sullivan as Senior Director of Strategic Accounts in the US. With over two decades of experience in wealth management, private banking, capital markets, and fintech, Sullivan will support the rising digital adoption in the wealth management sector. The US stock market itself is projected to grow from US$92.5 trillion in 2025 to US$101.6 trillion by 2029.
In Asia, Kai Jebens has been named Regional Sales Director in Singapore. Jebens brings extensive experience from senior roles at Northern Trust, BNY Mellon, FIS, Intercontinental Exchange, and Bloomberg. Meanwhile, in Switzerland, Piotr Wybieralski has been appointed Senior Sales Director, leveraging his 20-year career in core banking transformations, regulatory projects, and market data solutions. Switzerland's wealth management market is forecast to grow at a 3.6% compound annual rate through 2028.
Backbase's modular platform enables institutions to upgrade progressively without disrupting operations. The company has recently gained customers in the USA, Asia, and Europe, supporting their digital wealth management initiatives, though specific institution names are not detailed.
Backbase's strategic hires in key markets position the company to capitalize on the expanding wealth management sector, driven by digital adoption and growth projections. With a modular platform that facilitates progressive upgrades, Backbase is well-placed to support financial institutions in their digital transformation and cloud adoption strategies.
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