In March we reviewed Patrick Donaldson’s take on why WealthTech in Asia is different, as well as the size of the prize. This week we’re following up with specifics on market entry.

Patrick, before we start, you’re in London this week meeting WealthTech customers, can you share a little on that?

Patrick: The UK has a thriving FinTech scene, with a huge number of WealthTech players. I say UK deliberately, as beyond London there’s a thriving community in Scotland as well (where I’m originally from). I’m here this week to talk with Mkt Dev APAC customers and prospects, making sure I understand market dynamics on each side.

Market Entry.

Excellent! Let’s jump into the details on market entry. I guess firstly we should just set expectations around a realistic timeline?

Patrick: this is definitely a year long project. there’s 4 phases and some overlaps in terms of timing. At a high level – we have:

During the market validation, you’re only looking at the cost of visiting Asia. You want someone with the right title: CEO, CRO, CPO to spend time with customers as we discussed on the last blog.

So these early phases are much more about understanding the lay of the land and identifying critical differences that might have a product impact. Customers will be far more impressed with a “listen and learn” than a long presentation on a European or American product that hasn’t tested its relevance in Asia Pacific.

While you’re running these phases, you can be exploring options in the region. Understanding the price point and target customers, which will then make you more targeted and precise in hiring conversations.

Digging into the details:

So I think we understand the validation process. It’s getting in front of the right people in listening mode. To repeat from our previous discussion “A polished demo before you’ve listened to what the firm actually needs simply kills credibility.”

Patrick: 100%. I would add that it’s critical to drill into their priorities. Just because a customer says yes to a POC it doesn’t mean they’re your best opportunity. You want to ensure that they have the same problem set as you’re focused on, that they have budget and that they have bandwidth to give you feedback.

Don’t underestimate the credibility of a big name Bank as well. You will find the market entry far easier if you have engaged with and are working with some of the big local players that are viewed as market leaders by the wealth industry.

How do we think about local positioning?

Patrick: firstly, use local examples, if you’re going to tell a story, make it about Asia. If you’re just arriving in the region then limit your out of region context. If you do have a series of ongoing local conversations, make sure that you discuss that traction and what you’re learning. As I mentioned, if you’re referencing any of the major players that helps enormously.

Even if the problem statements look similar?

Yes, I think a telling a story about the challenges you’re seeing in Asia is key. Establish local credibility, that you’ve been out here listening, making sure you understand challenges and priorities. Once you’ve done that you can add “we’ve seen similar problems in <our home market> and here are some of the ways we help. We’re now adapting those to ensure they nail Asia Specific WealthTech workflows and compliance needs.”

Stage 3 is relationship buidling. Tell us more.

Patrick: this is an ongoing phase. It never ends, no matter what level the commercial relationship reaches. Cold outreach in Asia Pacific is ineffective, it’s far more impactful to get warm introductions to CIOs, Heads of Technology, and regional leaders.Your first client almost always comes through a relationship, not an RFP. 

From my time in Singapore, that’s a very clear takeaway. Do you put that down to culture?

Patrick: i think there’s a few factors at play. Culture is certainly one, patient, respectful engagement is valued over transactional approaches. Close, interconnected communities is another. This is particularly notable in Singapore and HK as those are small, compact cities. It is also the case in countries like Australia where the wealth community is still quite small and everyone knows each other.

Phase 4: Pilot Customers, POCs and trials. This is a complex area: what gets you through the door? What kills the deal?

Patrick:

• Convince the end users first. The biggest mistake is going straight to the technology team. Whether it’s a private bank, an external asset manager (EAM), a family office, or a brokerage, you need to win over the advisors, the RMs, the front office – the people who actually feel the pain – and then bring the internal tech team into the conversation. If end users are championing your solution, the tech team’s default “we’ll build it ourselves” reflex becomes much harder to sustain. 

• Plug-and-play or nothing. If your solution requires 12 months of bespoke integration, the conversation is over. You need API-first architecture, clean integration with existing core systems, and a realistic path from contract to live in weeks, not months. 

• Clear success stories are essential. APAC buyers want proof it works somewhere similar. “We’re live at three European private banks” is a start, but “We reduced documentation time by 40% at a Singapore EAM” is what closes the deal. 

• Avoid the “boil the ocean” pitch. Don’t walk in with 50 slides. Know the specific pain points of the firm before you’re in the room. 

• Targeted introductions beat broad events. Rather than generic conferences, organise focused lunches where you group wealth firms facing similar challenges together. A table of six Heads of Wealth Technology discussing a shared problem is infinitely more valuable than a room of 200 watching a product demo. This comes back to the critical need for relationship building.

Fascinating. We’ve talked about the direct to market route. Would you highlight any paths to market that are overlooked or underestimated?

Patrick:

• The asset manager angle is massively underutilised. Instead of selling directly to wealth firms, target fund managers who distribute through private banks and brokerages. They have a vested interest in solutions that help them serve their distribution partners better – and they’re often willing to pay for it. If your platform improves the connection between an asset manager and the advisors selling their products, the asset manager becomes your sponsor into the wealth firm. 

• Real example of unmet need: Fund houses produce huge volumes of research, investment ideas, and model portfolio updates – but getting that content effectively into the hands of the wealth managers who actually distribute their products is still painfully inefficient. Most APAC wealth firms receive research via email attachments or generic portals that advisors rarely check. A platform that delivers curated, relevant investment ideas from fund houses directly into the advisor’s workflow – filtered by client profile, mandate, and jurisdiction – would solve a daily frustration on both sides of the distribution chain. 

• Fee structure matters more than you think. APAC wealth firms are highly sensitive to how you charge, not just what you charge. Most WealthTech vendors use straightforward monthly subscription models, and that’s generally well understood. What kills deals in APAC is AUM-based pricing. Many APAC clients hold large single-stock positions or concentrated legacy holdings that aren’t actively managed – but AUM-based fees treat those positions as if they are. A wealth firm looking at your platform sees an inflated fee calculation on assets they’re not really servicing, and the conversation ends. If you’re pricing on AUM, you need to understand how APAC portfolios actually look before you quote. 

That’s excellent Patrick. You’re clearly arguing that winning in APAC isn’t about planting a flag – it’s about building relationships, understanding local nuance, and having the patience and local knowledge to do it well. For WealthTech companies serious about APAC, the opportunity is enormous, but there are a number of banana skins for the unaware.

Patrick Donaldson is the founder of Mkt Dev APAC (mktdevapac.com), a WealthTech consultancy helping B2B platforms from EMEA and North America enter APAC markets. He’s based in Singapore. If you’d like to discuss Asia market entry with Patrick you can reach out here.

Steven Carroll is the founder of Carroll Consulting and Advisory Services (ccas.tech), a specialist consultancy supporting information services firms and financial services companies with product, sales, and marketing strategy. He’s based in London. 

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