UOB Private Bank’s next-generation wealth programme for ultra-high-net-worth (UHNW) family businesses is now looking at artificial intelligence (AI)-related components for its clients.
According to Chew Mun Yew, head of UOB Private Bank, up to US$6 trillion ($7.70 trillion) is expected to be transferred to the next generation by 2030 in the Asia Pacific region. Chew, who was referring to a McKinsey report released in September 2024, noted that Singapore and Hong Kong will be the key hubs to facilitate these wealth flows.
This year’s programme, which was held in early August at the University of Oxford and outside of Asia since its launch in Singapore in 2020, explored how AI can be applied to family enterprises.
Topics ranged from leveraging AI and data analytics to drive business decision-making and using AI for wealth management to navigating AI ethics and leading effectively in a tech-driven future.
In addition to AI-focused sessions, the programme also examined private capital ownership and the evolving role of family businesses. Expert-led discussions covered responsible ownership practices, strategies to unlock unique impact potential, and the challenges of stewarding family wealth across generations.
“Family enterprise is [the] backbone of global business activity. Family owners’ inherent interest in legacy, community, and intergenerational time frames for value creation favour responsible ownership,” says Dr Bridget Kustin, who helmed the session.
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“From exploring the applications of AI to reflecting on family business stewardship and gaining strategic insights at Macfarlanes on private and family wealth, the programme was a masterclass in technology and next-generation leadership,” says Lim, one of this year’s participants. “Engaging with peers from diverse family business backgrounds, against the inspiring settings of Oxford and London, provided fresh perspectives and meaningful lifelong connections I hope to carry forward.”
