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Mon, Dec 14, 2020 – 10:42 am
SINGAPORE Telecommunications (Singtel) and UOB Asset Management (UOBAM) are collaborating to implement “dynamic and personalized” robotic advisory investment solutions for individuals next year.
This will be done through Singtel’s Dash mobile wallet, both companies said in a joint statement Monday. They have signed a memorandum of understanding for the deal.
Dash clients will be able to access a personalized mobile robo-advisor, which uses technology, data analytics and algorithm-based tools to provide advice on investment products.
It will allow users to invest in a portfolio of exchange-traded funds, managed funds, and / or other asset classes within the Dash app.
The investment portfolios will be customized for each client, based on their risk profile, investment horizon and financial objectives.
The Dash mobile robo-advisor is expected to launch in the first half of 2021.
This offering is aimed at making digital investments more accessible to consumers, “allowing them to grow their wealth simply and intelligently,” the telco and UOBAM said.
It will also mark Dash’s foray into wealth management and advance its financial and digital inclusion goals.
The two sides said this is the first collaboration of its kind between a non-bank mobile wallet and a regional asset management company.
Singtel and UOBAM will also explore opportunities to offer automated advice and other investment solutions through the telecom company partners in the region, given the presence of both parties in Asian markets, including Indonesia and Thailand.
Arthur Lang, Chief Executive Officer (CEO) of Singtel’s International Group, highlighted the growing interest in online investing, saying that both companies aim to democratize access to digital investments for customers “who value simplicity, affordability and the convenience of managing your finances on a digital platform. “
UOBAM CEO Thio Boon Kiat said that while people appreciate the simplicity and ease that robo-advisers offer, they also focus on the credibility, security and long-term viability of such solutions.
As local firms with a regional presence, Singtel and UOBAM can provide individual investors with greater peace of mind, Thio added.
Dash has expanded beyond mobile payments and remittances to include other financial and lifestyle services such as restaurant reservations, travel insurance, and an insurance savings plan.
Singtel’s shares were trading at S $ 2.34 as of 10.13 am Monday, up S $ 0.03 or 1.3 percent, while the UOB was up S $ 0.34 or 1, 5 percent to Singapore $ 23.11.
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