UBS has launched a product development centre for wealth management in Singapore.

The new innovation centre, Evolve, is located at the UBS Business University Asia Pacific, and will be focused on creating digital and user-centric products to meet the evolving needs of wealth management clients. 

“We intend to meet and exceed client expectations by offering a seamless blend of both digital and personal channels to access our advice and capabilities," said Juerg Zeltner, president of UBS Wealth Management. "Banks that master digitalization from front to back will be at the forefront."

UBS is also rolling out a new digital service, the UBS-Wealth Management app, in response to increasing client preferences for digital solutions in Asia. 

The app tracks a client’s portfolio, tests it against critical risk factors and flags when it deviates from the client’s investment strategy, as well as providing access to bank articles and updates, customised to their portfolio.

"We believe Asian clients are more digital than in other parts of the world, with almost 40% preferring digital contact over direct contact," said Ketan Samani, chief digital officer Apac. 

"It was a key factor in the design of our new UBS Wealth Management app where we continue to enhance the product offering based on our clients' feedback."

The app has been piloted with selected clients since the start of 2015,  This complex process requires massive infrastructure and huge computing power. But it can be tracked and delivered to a client when he or she wakes up every morning.

Billionaire wealth in Asia is set to surpass that of the US in the next five to 10 years, according to the UBS PwC 2015 Billionaire Report. 

"The government's strong support of the FinTech industry, complemented by world-class infrastructure and global connectivity, creates a conducive environment for UBS's innovation advancements to flourish," said Edmund Koh, country head of UBS Singapore and head of wealth management Southeast Asia and Apac.

UBS has also established innovation labs in Zurich and London.