台灣金融環境下的資產管理和理財機器人之研究

Abstract

數位資產管理吸引了全球私募股權（PE）和風險投資（VC）基金的強烈興趣，以及投資者和傳統金融機構的需求。交易所交易基金（ETF）日益普及，收費較低，也推動了全球機器人投資顧問平台的增長，並已經在美國成為主流。本研究專注在Fintech發展中的機器人投資顧問，這是資產管理變革的一部分。第一章以台灣為重點介紹機器人投資顧問的背景。與香港，新加坡，日本和中國等亞洲鄰國相比，台灣在Fintech發展方面處於落後地位且競爭力較弱，監管和生態系統的僵化是導致發展落後的主要原因。然而，隨著法規開始鬆綁以及政府大力支持Fintech發展後，參考國外成熟的數位資產管理平台，並經過適當修改後，適應當地市場，台灣的商機不可限量。第二章對資產管理部門進行了更為詳細的探討，並從投資者的角度來分析投資者的需求，以及從金融機構的角度說明該提供何種服務以及如何具有成本效益。第三章詳細介紹台灣市場本身，包括人口統計特徵，文化和台灣人的習慣，並藉此評估台灣市場對機器人投資顧問的接受度。並發現儘管在政府的規定和限制之下，台灣市場對於機器人投資顧問企業來說仍有利可圖，包括新創企業。並且B2B模式下的機器人投資顧問將更有可能成功。第四章著眼於美國的主要企業及其商業模式，發展和成長過程。然後，相對照亞洲的主要競爭，以及政府法規或計劃如何限制或推動Fintech的發展。最後，儘管Fintech發展落後，但仍有發展的空間以及機會。隨著台灣金融市場變得更加成熟，以及相關條例的落實，台灣在金融科技發展方面將有機會在提升理財水平的同時趕上已開發國家。

Digital wealth management has drawn strong interest from private equity (PE) and venture capital (VC) funds globally, as well as demand from investors and traditional financial institution. The growing popularity of exchange-traded funds (ETFs) with lower fees has also propelled the growth of robo advisory platforms globally, and has become mainstream in the US. This report focuses on robo advisory in Fintech development as part of disruption in wealth management. Chapter 1 will provide the background on robo advisors with a focus on Taiwan. Taiwan has been behind on Fintech developments and less competitive when compared to its Asian neighbors such as Hong Kong, Singapore, Japan, and China. The regulatory and eco systems have also been rigid, causing the development to lag behind. However, as regulations start to relax and the government now starts to support Fintech development, Taiwan has a mature digital wealth management platform to model after, and with proper modification to fit the local market, there are business opportunities in Taiwan as well as in other countries. Chapter 2 presents a more detailed examination of the wealth management sectors and narrows it down to robo advisors from the perspective of investors – what the investor wants – to the perspective of financial institutions – what to offer and how to be cost-effective. Chapter 3 looks into more of the Taiwanese market itself, including demographics, culture, and Taiwanese habits, to evaluate the market appetite for robo advisors. Despite government regulations and constraints, there are opportunities in Taiwan, including for start-ups. The B2B model for robo advisors would look to be more likely to succeed as part of research. Chapter 4 looks at major US players and their model, development, and growth. Then, it examines the major competition in Asia, including how regulations or government programs restrict or promote Fintech developments. Finally, despite lagging behind in Fintech space, there are still opportunities. As Taiwan’s financial market becomes even more mature, and with more productive regulations, there is chance for Taiwan to be in line with developed countries in terms of Fintech development, and also elevate its wealth management standard..