When wealth management firms start managing their own wealth

More: Behind the scenes of the Tokopedia-TikTok deal. [Read from your browser]( Daily Newsletter Welcome to Tech in Asia's free Daily Newsletter! Get full access to our subscribers-only Daily Newsletter and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](.  --------------------------------------------------------------- IN FOCUS In today's newsletter, we spotlight: - How digital wealth platforms are [plotting their paths to profitability]( - The main reason behind the Tokopedia-TikTok deal - Other newsy highlights such as GudangAda’s insistence that it’s not winding down operations any time soon --------------------------------------------------------------- Hello {NAME} Just a few weeks ago, I wrote that I found it interesting that firms like StashAway, Endowus, and Syfe - which help users save and grow their finances - can operate at a loss. Of course, this is nothing new or alarming in the startup and tech world, but with the traditional “profit = good, loss = bad” thought process, it’s just a bit of funny tortured logic to me that a company that isn’t making money itself is tasked with making money for others. But this may all change soon. Today’s premium article looks at how these wealth management companies are gunning for profitability. -- Winston  ---------------------------------------------------------------  THE BIG STORY [Digital wealth platforms report growing AUM, but have yet to see profits]( New product offerings have led to a spike in AUM, and while players are not profitable yet, they claim they aren't far off. --------------------------------------------------------------- TRENDING NEWS [Drop in Tokopedia’s market share led to TikTok deal: GoTo chief]( GoTo Group also disclosed in the public expose that Tokopedia was valued at US$606 million before the TikTok deal. [GudangAda denies report that it may shut down]( The Indonesian company’s board was also reportedly considering returning capital to investors as it deliberates on the business’ future. ---------------------------------------------------------------  SAIGON SUMMIT 2024: CHARTING VIETNAM’S TECH FUTURE Limited time offer – enjoy big savings of up to 60% off your tickets! Flash sale alert: Don't have a ticket for Saigon Summit yet? We've got a treat for you! For a limited time only, you can get a General Pass at US$30 - 50% off from its original price - which unlocks full-day access to the conference and exhibition, networking opportunities, on-demand content, and more. Or treat yourself to exclusive perks such as our official closing party, catered meals, and coffee breaks, with a discounted Pro Pass. We’re offering it for just US$90, down from US$250! Hurry! 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