New Delhi, India, November 7, 2014: 8K Miles Software Services, a global cloud major based in India, has powered Singapore-based Dragon Wealth to win the prestigious Euromoney magazine’s financial innovation award.
Dragon Wealth, that developed the world’s first app to enable investors to compare their portfolios across managers, and with like minded investors, has been named Best Wealth Management Innovator in Asia by Euromoney.
The platform has been built by 8K Miles, an emerging global cloud leader headquartered in India and having operations in the US. Dragon Wealth uses cloud and big data technology partner, 8K Miles Software Services, and Amazon Web Services.
Founded by two former Credit Suisse IT executives less than two years ago, Dragon Wealth’s technology combines investors’ portfolios with relevant external information tailored to their investments and profile. Used by global banks and independent wealth managers, the Dragon Wealth app is the world’s only integration-free technology offering investors a complete view of their investments across managers, portfolios and countries.
Dragon Wealth Managing Director, Bert-Jan van Essen said the award recognizes innovation in Asia, and the new demands investors are placing on banks and wealth managers.
“Innovation is occurring because investors are demanding it,” Mr van Essen said. “Led by their use of social and digital technology through sites such as Google, Facebook and TripAdvisor, investors have become digital savvy and are demanding their banks and wealth managers keep up.”
“Eighty nine percent of investors are trying to grow their wealth online, and are looking for technology to support them in their financial decision making. This is regardless of their age, wealth level, geography, and need for advice.* The trend in Asia Pacific is amongst the highest in the world,” Mr van Essen said.
“Despite two-thirds of high net worth investors saying they would consider leaving their bank or wealth management firm if they do not allow them to transact digitally, only two per cent of the industry is actually creating or implementing technology that meets these new client needs, Mr van Essen said.
The Dragon Wealth app, which enables investors to access information through mobile phone or tablet, costs $25US per month is available through wealth managers.
Suresh Venkatachari, Chairman & CEO of 8K Miles Software Services, said, “We are proud to be the Cloud and Big Data technology partner behind the Dragon Wealth platform and congratulate them on winning the Euromoney award for innovation in wealth management. It is a great recognition of Dragon Wealth’s capability to provide customers with a new dimension to access their wealth management information.”