Singapore-grown StashAway, a digital wealth management platform that personalises financial planning and portfolio management, is officially available in Malaysia. The company claimed to be the first robo-advisor to receive a CMS license under Malaysia’s Digital Investment Management framework.
StashAway plans to provide the same service with its Singapore-based clients, in which the company will deliver a data-driven asset allocation investment strategy with no minimum balance, no sales charge, annual management fees between 0.2 per cent and 0.8 per cent, as well as flexible deposits and withdrawals.
“Malaysia’s population is growing and life expectancy is increasing, therefore there’s a need for investment solutions that enable people to manage their growing wealth better,” said StashAway Malaysia Country Manager Wong Wai Ken.
The personalised financial advice and portfolio management by the company are supported with a proprietary investment framework, Economic Regime-based Asset Allocation (ERAA) that combines a comprehensive risk management strategy with a macroeconomic data-driven asset allocation strategy.
StashAway’s main target markets are retail companies and accredited investors alike.
“About 43 per cent of gross financial assets in Malaysia are in bank deposits, causing the current investment options do not enable Malaysians to build their long-term wealth through intelligent investing. This huge amount of wealth sitting in cash proves that the financial services industry has failed thus far to equip Malaysians with the right investment tools,” said Co-founder and Group CEO Michele Ferrario.
As a country, Malaysia has a digital agenda for the capital market, aiming to provide investors with a more convenient, affordable, and accessible channel to manage and grow their wealth. Carrying the mission, the Malaysian Securities Commission introduced the Digital Investment License Framework in May 2017,
StashAway was appointed to carry out fund management activities as set out by the Digital Investment License framework as it has the CMS license.
The platform is currently being rolled out to the 5,000+ people who have signed up for the waitlist, and the company plans to open up access to the public by early November.
Image Credit: StashAway