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Singapore’s OCBC bank pilots robo advisory service

Nayela Deeba | March 8, 2017
The service will allow investors to monitor and manage their investments using an automated, algorithm based platform

OCBC Bank will be piloting a robo-advisory service to help investors in Singapore better manage and monitor their investments.

The online platform will offer clients advice on how to balance investments, without them having to go through a relationship manager.  

Provided in partnership with local fintech company WeInvest, the pilot robo-advisory service will first involve accredited investors, and later be opened up to non-accredited investors.

During the pilot, selected customers will be given an opportunity to invest in two categories of investment portfolios, starting from S$3,000.

The first category consists of five portfolios made up of Exchange Traded Funds (ETFs) and equities listed on the Dow Jones and Nasdaq.  Customers will need to first complete a questionnaire using the robo-advisory platform before the system suggests one of the five portfolios to them. After which, the platform will automatically monitor the chosen portfolio. Investors will also be prompted via SMS or email when they should rebalance their portfolio.

The second category offers savvy investors an opportunity to invest in thematic basket of stocks listed on the Dow Jones and  Nasdaq. The basket consists of stocks from technology firms, fast moving consumer goods companies or leading Dow Jones companies.

 "Robo-advisory is no longer just a buzzword in the fintech space. With this initiative, we will bring simple, fuss-free and high-quality advice and investing to our time starved customers. This is another step towards the 'democratisation' of wealth management-making wealth management simpler and more accessible for investors," said Aditya Gupta, Head of E-Business for Singapore, OCBC Bank.

 

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