Have you read this article yet on finews.asia about OCBC Bank’s pilot robo-advisory service? I’m a big supporter of robo-advisors and this piece of news caught my eye. After all, I have been waiting for Smartly to launch since last year and was starting to wonder why it’s taking so long for competitors to show up. Especially when there should be demand for robo-advisory services from millennials in Singapore and considering how a robo-advisor for the ordinary retail investor continues to be unavailable despite the push towards fintech.
The important thing to note about the OCBC Bank’s pilot robo-advisory service provided in partnership with WeInvest: It will first involve Accredited Investors before being opened up to Non-Accredited Investors. The Monetary Authority of Singapore (MAS) defines an Accredited Investor to be a person that has net personal assets in excess of S$2 million. The value of his/her primary residence (market value less …Read the full article →