UBS is setting up a technology innovation lab in Singapore to meet the changing demands of its wealth management clients, announcing the move just days after a report from consultant McKinsey predicted that virtual advice could generate billions in revenue for the finance sector.

The world's largest wealth manager - with almost $2 trillion of assets, according to The Global Private Banking Benchmark 2014 from Scorpio Partnership - said its new lab, called Evolve-UBS Centre for Design Thinking and Innovation, will focus on creating more user friendly and innovative products for its Asian clients.