The 2025 Singapore Connect Forum brought together senior leaders from across Asia’s investment and wealth ecosystem to examine how asset management in the region is evolving under the pressure of shifting demographics, accelerating technological change and rising investor expectations. Against the backdrop of Singapore’s position as one of the world’s most progressive financial centres, the half-day event explored how firms can build for a future defined by scale, speed and reinvention, and why Asia is increasingly shaping the direction of global asset management.
Setting the Scene: Asia’s Defining Decade
Opening the morning, Ross Fox, Chief Commercial Officer at Calastone, welcomed delegates with reflections on the extraordinary pace of change unfolding across Asian markets. He noted that Singapore sits at the intersection of capital, technology and regulation, a place where the industry can experiment, collaborate and, increasingly, set global precedents. Asia, he observed, is entering a defining decade. Demographics are shifting, wealth is expanding and investor adoption of digital financial services is accelerating faster than in any other region. Yet with this opportunity comes complexity, from rising regulatory expectations to emerging geopolitical crosswinds, and firms must think carefully about how they adapt their operating models to serve investors whose expectations are being reshaped in real time.
Ross described how the region’s structural forces are converging at the same moment, including the rise of digital native investors, the institutionalisation of private wealth and growing demand for transparent, personalised and accessible investment solutions. The question he posed to the room was not whether the industry is changing but how quickly it can respond and what form that response should take.
The Long View, What the Next Five Years Mean for Asset Management
The keynote address, delivered by Matthew Robinson, Executive Director at Solaris Consultants, set the tone for the discussions ahead by examining the macro drivers that will define the industry through to 2030. Matthew described a sector grappling with a new reality in which the economics of asset management are fundamentally shifting. Costs continue to rise, competition is intensifying and technology is no longer simply an enabler but an unavoidable strategic pillar. At the heart of the challenge, Matthew argued, is the industry’s relationship with data, the quality of it, the operational friction around it and the need to design processes that rely less on human intervention and more on automated integrity.
Drawing on his work advising firms across the region, Matthew noted that the transformations underway are no longer incremental. The time horizons are shortening, and the stakes are rising. The firms that succeed, he suggested, will be those that can align distribution, product development and technology into a single coherent strategy rather than treating them as parallel but disconnected streams. He underscored the importance of partnerships, particularly those that can bridge old infrastructure with new capabilities, and highlighted Calastone’s involvement in many of the region’s most ambitious transformation programmes.
Asset Management 3.0, What Comes Next for the Region
The first panel of the day, moderated by Edward Glyn, Head of Global Markets at Calastone, brought together Ayaz Ebrahim, CEO Singapore and South East Asia at JP Morgan Asset Management, Carlos Almeida, Head of Group Digital Wealth at Emirates NBD, Euan McLeod, Head of Transfer Agency at SS&C and Ee Chuan Ng, Managing Director at BlackRock, to consider how the industry must evolve to serve the modern Asian investor. The conversation revealed a sector in motion. Investor behaviour is changing rapidly across the region as individuals demand more personalised solutions, more transparent access and digital channels that match the ease and immediacy of their everyday consumer experiences.
The panellists spoke about the pressures of rising expectations and the need to re architect operating models around data, automation and distribution connectivity. For some firms this is prompting a re evaluation of their product mixes. For others it is accelerating experimentation with advisory models supported by generative AI. Several speakers explored the challenge of retirement adequacy across Asia’s ageing populations, arguing that traditional accumulation focused product sets will no longer be sufficient. Instead, the industry must develop tools, platforms and decumulation pathways that can support long term planning for millions of investors whose life expectancy is rising faster than their savings.
Despite the challenges, the panel conveyed a sense of optimism. Asia’s diversity, of demographics, regulatory environments and distribution channels, is not a weakness but a catalyst for innovation. As one speaker observed, the region is not waiting for global models to be imported, it is building its own.
Fireside Reflections, Preparing for the Next Industry Evolution
In a candid conversation with Edward Glyn, industry leader Mat Kathayanat reflected on the velocity of change facing asset managers in Asia. Mat described a competitive landscape in which traditional boundaries, between digital and traditional, between manufacturers and distributors, between global and regional, are dissolving. He challenged the audience to think beyond incremental change and to imagine how the industry will operate at version 4.0 or 5.0, where data, personalisation and digital behaviour shape client engagement more than legacy processes or brand history.
The tone was both provocative and energising. Mat suggested that firms must adopt a mindset of continuous reinvention, challenging assumptions that have underpinned the industry for decades. The winners, he argued, will not necessarily be those with the largest balance sheets or the deepest legacy relationships, but those with the agility to innovate ahead of the curve.
Converging Forces, Traditional and Decentralised Finance
The second panel of the day, moderated by Paul Elflain, Head of Digital Sales at Calastone, explored the growing convergence between traditional and decentralised finance. The discussion brought together Simon Keefe, Head of Digital Solutions at Calastone, Carol Sun, Head of Sales for Singapore, Hong Kong and Greater China at Fireblocks, Laurent Marochini, CEO of Standard Chartered Luxembourg, Melvyn Liew, Asset Origination Director at DigiFT, and Lee Zhu Kuang, Managing Director and Group Head of the Innovation Group at UOB.
What emerged was a picture of two worlds that were historically distinct now moving rapidly towards one another. Decentralised finance is no longer seen purely through the lens of experimentation, it is increasingly viewed as a source of efficiency, liquidity and programmability that can enhance traditional market structures. At the same time, institutions bring the trust, governance and regulatory discipline needed to scale these innovations responsibly. The panellists discussed the rise of tokenised money market funds, the institutional demand for secure digital custody and the emergence of hybrid models that blend the strengths of both traditions.
Across the conversation a clear theme emerged – convergence is happening now, and Asia is at its forefront.
Fireside Chat with Julien Hammerson, Building the Next Chapter
The forum concluded with a fireside discussion between Julien Hammerson, CEO of Calastone, and Edward Glyn, reflecting on Calastone’s journey and its ambitions as part of SS&C. Julien spoke about the importance of preserving Calastone’s culture of collaboration, creativity and long term thinking, qualities that have enabled the team to anticipate industry needs and build solutions ahead of demand.
Julien reflected on the opportunities unlocked by SS&C’s global scale, particularly in markets such as the United States where ETF innovation, operational modernisation and early stage tokenisation are creating new pathways for growth. He described a vision of 2030 in which digital assets play a mainstream role in fund distribution and where Calastone continues to serve as the connective foundation enabling the industry to operate with greater transparency, efficiency and resilience.
The session closed on a note of confidence and momentum. For Calastone, integration with SS&C is not a shift in identity but an expansion of ambition, a chance to accelerate innovation and deliver greater value to clients worldwide.
Looking Ahead, Asia’s Momentum and the Industry’s Future
From digital wealth to retirement solutions, from ETF evolution to tokenisation, Asia is defining new models of distribution, engagement and product design. The firms that thrive will be those willing to challenge assumptions, invest in innovation and navigate deliberately rather than defensively.
As the forum drew to a close, the sense was that the transformation of asset management is already underway, and Asia is setting the pace. The task now is to keep up.
