Following the approval of the Capital Markets Services Licence from the Monetary Authority of Singapore (MAS), digital wealth manager, Syfe, announced its official launch in Singapore.
The firm also successfully raised S$5.2 million, one of the largest seed rounds see in Southeast Asia, according to the press release.
The round is led by UK-based VC fund Unbound and included personal investments from State Street Global Advisors’ MD, David Rogers; UBS Japan’s MD & Head of Equities, Paul Redbourn; and KKR’s Partner, Philip Freise.
Syfe was awarded the Capital Markets Services Licence, which is typically reserved for financial institutions with over S$1 billion assets and a track record of at least five years, after strict reviews and requirements.
Founded in 2018, Syfe believes sophisticated wealth management resources shouldn’t only be accessible to high-net-worth individuals or institutions and has been building a platform that appeals to passive investors.
The automated platform promises to be easy to use and affordable, with no minimum investment and a low annual fee of 0.65% of the total amount invested.
Syfe operates on a risk-based system powered by a data-driven algorithm that gives investors customised, diversified portfolios according to their risk profiles.
Their investment methodology moves away from one that solely prioritises returns, leading to lower portfolio fluctuations or lower temporary losses.
Founder and CEO of Syfe, Dhruv Arora said, “For too long the investment market has been too confusing and elitist.”
“We believe wealth management should be accessible to as many people as possible, which is why our products embrace both technical sophistication and an easy-to-understand interface.”
Syfe is now open to to the public following a successful closed beta.
Featured Image Credit: Syfe
Credit: Source link