JUNEASIA BUSINESS OUTLOOK8WRISE & KINGKEY TO JOINTLY EXPAND THEIR FOOTPRINT IN ASIAN MARKETSWRISE Prestige, a subsidiary of WRISE Group, has revealed its strategic partnership with Kingkey Privilege Wealth Management (Kingkey), a prominent financial institution. This collaboration aims to strengthen cooperation and provide a wide range of services, including life insurance, over-the-counter (OTC) securities, and funds. This initiative underscores WRISE's commitment to building an integrated wealth ecosystem that caters comprehensively to its clients.Launched in February 2024, WRISE Prestige aims to expand WRISE's reach to the mass affluent market and cater to the next generation of affluent individuals in the region. By 2030, Asia's middle class is expected to grow by over 3.5 billion people, with Southeast Asia's mass-affluent individuals forecasted to reach 136 million, driving a significant rise in demand for wealth management services for this segment.Through their newly forged collaboration, WRISE Prestige and Kingkey will mutually leverage their networks and expertise. By combining their resources, they aim to enhance their product and service offerings significantly and expand their presence across diverse client segments in the region. This partnership will also foster the sharing of industry knowledge and expertise, fostering a deeper understanding of client requirements and driving innovation within the wealth management sector. Prices are stabilising, creating an environment for rate cuts in South Korea, according to a senior presidential official on Sunday. "(South Korea) is one of the countries with the most stable price levels when compared to other countries globally," Sung Tae-yoon, policy chief for South Korean President Yoon Suk Yeol, told public broadcaster KBS."Therefore, I believe an environment where rates can be lowered is being created," Sung stated.South Korea's consumer inflation fell for the second consecutive month in May to a 10-month low, according to official data released on Tuesday, falling short of market expectations.The consumer price index (CPI) in May was 2.7percent higher than a year ago, slower than the 2.9percent increase in April and the 2.8percent gain predicted by a Reuters survey of economists. It marked the slowest annual increase since July."As exports continue to improve and prices, the criteria for monetary policy, stabilise, monetary policy will also be able to be dealt with flexibly," Sung said on television.South Korea's exports increased for the eighth consecutive month in May, boosted by strong chip sales, though overall shipment growth lagged market expectations, trade data showed earlier. SOUTH KOREA FACING ECONOMIC SITUATION DEMANDING RATE CUTSNEWSROOM
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