A significant shift is underway in how wealth is managed across Asia, driven by a new generation of affluent individuals who are increasingly asserting control over their financial destinies. This demographic, often educated overseas and comfortable with complex financial instruments, is moving away from passively entrusting their assets to bankers. Instead, they are actively participating in investment decisions, a trend that is reshaping the strategies of institutions like Maybank as an estimated $5.8 trillion in assets prepares to change hands by 2030.
Alice Tan, head of group wealth management for Maybank, observes this evolution firsthand. Where previous generations of Asia’s wealthy were typically absorbed by their businesses and relied heavily on bankers for guidance, their successors often possess the financial acumen to act as their own chief investment officers within family offices. This necessitates a different approach from wealth management providers, transitioning from simply advising to engaging in what Tan describes as “healthy, intellectual discussions” with these younger clients. Maybank, a relative newcomer to private banking, having established its dedicated wing in 2013, finds itself at the forefront of adapting to this changing landscape. Tan, who joined Maybank a year later after stints at established firms like Coutts & Co and Credit Suisse, was drawn by the prospect of building a robust wealth management division within a bank already successful in wholesale and commercial banking, yet underrepresented in serving high-net-worth individuals.
Maybank’s strategic positioning, particularly in Southeast Asia, provides a unique vantage point for this transition. The bank, which recorded $15.1 billion in revenue in 2024 and ranks as the highest Malaysian entity on the Fortune Southeast Asia 500 list, manages an expansive suite of wealth management options, including privilege, premier, private, and Islamic wealth segments, all under Tan’s oversight. With total assets of $240 billion, Maybank also holds the distinction of being Southeast Asia’s largest Islamic bank and one of the top five globally in Islamic finance institutions. While its operations span Southeast Asia, the bank’s primary focus remains on Singapore, Malaysia, and Indonesia. Tan expresses strong optimism for the region’s economic prospects, citing its youthful population and consistent growth. 
A notable aspect of Maybank’s offerings is its significant presence in Islamic finance, a system built on Shariah principles that emphasize ethical investments, asset-backed transactions, and the avoidance of interest and excessive speculation. Interestingly, this appeals beyond its traditional Muslim client base. Executives within Maybank have observed that non-Muslims are increasingly drawn to Islamic finance products. For instance, in Malaysia, more than half of Maybank’s Islamic banking customers are of Chinese ethnicity. Maybank was also a pioneer in Singapore, being the first bank to offer end-to-end Islamic wealth solutions. This approach, which integrates principles like zakat (charity) into its funds, is seen as aligning with broader values of social responsibility. Tan emphasizes that Islamic wealth management is not exclusively for Muslims, stating, “A lot of it is about values and doing good, so it attracts a wider crowd and appeals especially to the young.”
Looking ahead, Maybank aims to deepen its wealth management footprint in emerging markets such as Cambodia and the Philippines, leveraging its existing wholesale banking infrastructure. Tan views Cambodia’s banking sector as being in its nascent stages and sees an opportunity for Maybank to be among the first institutions to introduce comprehensive wealth management products there. Beyond these immediate targets, the bank is also exploring high-growth markets like Vietnam and Greater China, articulating a clear ambition to solidify its position as a leading ASEAN financial institution and wealth provider as the next generation of wealth holders continues to redefine the industry.
