UOB Asset Management (UOBAM) has partnered with Singapore Telecommunications (Singtel) to offer personalised robo-advisory investment solutions to individual investors via Singtel’s mobile wallet Dash.
In this regard, the companies have inked a memorandum of understanding under which they will roll out a tailored mobile robo-adviser for Dash customers.
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Utilising technology, data analysis and algorithm-based tools, this robo-adviser will offer advice on investment products personalised based on the customers’ risk profile, investment horizon and financial goals.
It will enable users to invest in a portfolio of exchange-traded funds, managed funds and/or other asset classes within the Dash app.
The companies expect to launch the new proposition by the first half of next year.
The move enables Dash to make its entry into wealth management and fortify its financial inclusion goal by expanding its mobile financial services portfolio.
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By GlobalDataThe offering is said to be the first tie-up of its kind between a non-banking mobile wallet and a regional asset management firm.
Speaking about the partnership, UOBAM CEO Thio Boon Kiat said: “At UOBAM, we understand that while individual investors appreciate the simplicity and ease that robo-advisers have to offer, they are also focused on the credibility, security and long-term viability of such solutions.
“This is why we are pleased to work with Singtel to customise our UOBAM Invest mobile robo-adviser and to extend the service to Dash customers.
“Through our established investment expertise and solid track record, coupled with both companies’ strong heritage as homegrown firms with regional presence, we can help more individual investors to have greater peace of mind as they tap the benefits of our personalised robo-advisory service.”
Under the tie-up, the two parties also plan to explore opportunities to offer robo-advisory and other investment solutions through Singtel’s associates. Both companies are said to have strong foothold in Asia, including in Indonesia and Thailand.
Singtel International Group CEO Arthur Lang said: “Tapping on UOBAM’s expertise in investment management, we aim to democratise access to digital investments for our customers who value simplicity, affordability and convenience when managing their finances on a digital platform.”
In July this year, UOBAM introduced a robo-advisory app for retail investors in Singapore.
