A significant expansion in Asia’s financial technology sector has occurred with the introduction of Robo-Advisory services in Singapore. This service caters to investors by determining their risk profiles and financial aspirations through a series of targeted questions. To use the service, clients need only to deposit funds into their portfolios; the Robo-Advisor will then manage investments automatically. Additionally, it actively monitors and rebalances the portfolio based on asset performance.
This fintech first launched its Robo-Advisory services for customers in the United States in June 2023, followed by a rollout in the European Economic Area in February 2024. The service aims to save customers time, making investment processes more streamlined.
The service was developed with an understanding that many potential investors lack the time to manage their investments or look at individual securities. The goal is to simplify the investment experience for customers, making it accessible and convenient. Plans are in place to enhance this service further by increasing the variety of investment options and incorporating additional financial planning tools.
The minimum investment to access these Robo-Advisory services has been set at USD 100, accompanied by an annual portfolio management fee of 0.75% of the portfolio’s value, deducted monthly. Customers can also establish recurring deposits for as low as USD 10 into their portfolios. For those using a specific debit card, there is an opportunity to invest spare change from transactions directly into their investment accounts.
Beyond the new Robo-Advisory service, the fintech is actively working to strengthen its presence in Singapore with various other offerings. In the past year, it launched business-to-business services in the region and recently improved its security measures by enabling in-app calls for personal users.
The fintech’s growth strategy is also reflected in a partnership formed last year with a notable trading service to provide Contracts for Differences (CFDs). This product is currently available in three European nations, with plans to broaden its reach throughout Europe.
Overall, these initiatives highlight a commitment to enhancing customer experiences and increasing investment accessibility through innovative technology solutions.