VinaCapital, an investment management firm based in Vietnam, has snapped up Singaporean robo-advisory platform Smartly for an undisclosed sum.
Smartly leverages algorithms to simplify the investment process, evaluating investors’ risk tolerance and goals through a questionnaire.
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Depending on the questionnaire, the robo-adviser recommends a portfolio that can be rebalanced on a periodic basis using algorithms.
Smartly started talks with VinaCapital’s Singapore unit VCG Partners in 2016 over forming a partnership to support its launch.
The platform was ultimately launched in September 2017 after the tie-up.
VCG Partners CEO Jason Ng said: “Smartly has been a trailblazer in robo-advisory services in Singapore, and we look forward to building on the momentum and expanding to other Southeast Asian markets as their regulatory environments allow.
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By GlobalData“For example, in Vietnam, current laws do not address robo-advisory services, creating significant risks for investors who elect to invest with some of the start-ups in the market that claim to offer such services.”
As part of the latest deal, Smartly co-founder Keir Veskivali will remain as a consultant.
The firm’s other founders Artur Luhaaar and Kentwell Kwok will pursue other projects.
Veskivali noted that the deal will allow Smartly to scale-up and also support the platform’s expansion into new markets.
