The project will bring together innovators, investors, and subject matter experts from across the wealth management value chain to explore how families can best use technology to manage rapidly expanding portfolios of tokenised and digital assets.

It is estimated that $1 trillion in assets will be transferred to the next generation in the Middle East over the coming decade. However, only 24% of High-Net-Worth Individuals have a full estate plan in place. Fast adoption of various digital asset classes by individuals and businesses also poses potential complexities to a seamless execution of estate plans currently in place.

DIFC’s Innovation Hub experts will work closely with Julius Baer’s global innovation team and Euroclear’s innovation centre of excellence for a three-month sprint that will result in a blueprint for future succession planning.

Alireza Valizadeh, CEO, Julius Baer (Middle East) Ltd, says: “I am hoping that this innovation project will showcase how we can work together to stay relevant to our future clients and provide a vision highlighting the evolution of the private banking industry especially with the onset of digital assets.”

Euroclear will bring its expertise in the digital assets space to bear with a focus on the use of smart contracts and tokenisation.

Philippe Laurensy, head of group strategy, product management and innovation at Euroclear, comments: “We are extremely pleased to be working with DIFC Innovation Hub and Julius Baer on what we see as a transformative journey to address market gaps and create efficiencies by harnessing the power of tokenisation. By validating and unlocking the benefits of smart contracts we have the potential to redefine the narrative of wealth management, creating solutions that could span generations.”