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1. We are here in Mumbai – what are the opportunities for Eton Solutions in India?
2. You mentioned GIFT City – how do you see that developing?
3. How are the dynamics of Indian Families changing – and how does your platform help them?
4. What are your key priorities for the next year? For example, you just launched ETON GPT – what is that?
Video transcript
1. We are here in Mumbai – what are the opportunities for Eton Solutions in India?
The opportunities are immense. One of the key insights we’ve gained about this market is the strong demand for our product from a highly sophisticated clientele. They have a keen appetite for technology, particularly the latest advancements, to enhance their office capabilities. As we progress with our initial clients, our platform is increasingly tailored to meet Indian requirements.
Our first three clients are playing a crucial role in ensuring that we adapt the platform to their specific needs, whether it involves configuring the platform, integrating data feeds, or addressing the nuances of local GST and tax regulations—something we routinely do for every market we enter. However, the sheer scale of opportunity here, driven by the rapid growth of the ultra-high-net-worth population in India, and the fact that the country already boasts the third-largest number of billionaires globally after China and the US, underscores the importance of this market for us moving forward.
We are uniquely positioned to capitalise on this, not only because we are a US-based company headquartered in Research Triangle Park, but also because we have a strong presence in India with 300 employees based in Bangalore, Shimoga, and soon in GIFT City, servicing our global clients. The recent introduction of our product in India, just four or five months ago, marks the beginning of a new market for us after nearly nine years of deploying the product in regions including New Zealand, Australia, Hong Kong, Singapore, the Middle East, Switzerland, the UK, and our home markets in North America.
2. You mentioned GIFT City – how do you see that developing?
GIFT City has emerged from a visionary initiative to create a local environment within India that offers the same benefits as places like Dubai or Singapore, where family offices can establish themselves in free trade and export processing zones, allowing for outward investments globally.
We also see GIFT City as a hub for funds investing in India, creating an environment where a concentrated financial services network can flourish. We are planning to open a technology centre there in the coming months to serve our global clients initially. As GIFT City evolves and becomes a base for Indian single-family and multi-family offices to facilitate outbound investments, it will indeed be the icing on the cake.
3. How are the dynamics of Indian Families changing – and how does your platform help them?
We’ve observed that the evolution of wealth management within Indian single-family and multi-family offices is closely aligned with trends we see globally. The challenges and opportunities are similar, and as these families become more sophisticated, there will be an increasing need for advanced technology platforms like ours. This presents a significant opportunity as the market evolves.
India is not unique in this respect; it’s simply at a different stage of development. The changes in the market over the past five years, particularly in terms of the sophistication of financial services and client demands, are palpable and significant.
4. What are your key priorities for the next year? For example, you just launched ETON GPT – what is that?
One of the core strengths of our platform, AtlasFive, is its centralised repository of all assets within a single database, which differentiates it from other single-point solutions in the market. The power of having a single source of truth combined with an ERP platform featuring multiple integrated modules, along with robust cybersecurity and infrastructure, is significant.
We’ve now enhanced this by leveraging Microsoft technologies, embedding Power BI into our platform, and utilising Microsoft Azure as a cloud-native solution. With the introduction of EtonGPT, we are incorporating the power of generative AI into our platform in a secure environment. EtonGPT allows users to search and extract data from their asset database in a highly sophisticated manner using natural language queries, whether through a mobile app or a laptop.
This not only saves time and enhances efficiency but also allows for the data to be easily converted into various formats, such as tables, bar charts, or pie charts, making it simple to digest and share in performance reports. EtonGPT’s integration into AtlasFive is unique, and it is likely one of the only platforms capable of embedding generative AI capabilities so seamlessly into its core architecture. This innovation empowers family offices to operate more efficiently and provides them with instant access to vital information, no matter where they are in the world.
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