The robo-adviser, in partnership with UOB Asset Management, is expected to launch by the first half of 2021.
Singtel and UOB Asset Management have signed an agreement to launch a robo-advisor to make digital investments more accessible to users of Singtel’s Dash mobile wallet, according to a joint announcement on Monday.
The partnership paves the way for Dash to make its foray into wealth management and furthers its goals of digital and financial inclusion by expanding the app’s range of mobile financial services offerings, the announcement said. Dash customers will be able to invest in a portfolio of Exchange Traded Funds (ETFs), managed funds and/or other asset classes within the Dash app.
The two sides will also explore opportunities to offer robo-advisory and other investment solutions through Singtel’s associates in the region, given the extensive presence of both companies in Asia including Indonesia and Thailand.
We aim to democratize access to digital investments for our customers who value simplicity, affordability and convenience when managing their finances on a digital platform, Arthur Lang, Singtel International Group CEO, who noted the growing interest in online investing among its users.
With over 1 million registered users, Dash is among the largest non-bank mobile wallets in Singapore. Since its launch in 2014, the app has expanded beyond payments and mobile remittance to include lifestyle services like restaurant bookings and insurance.
Singtel, as part of a consortium with Grab, is one of two recipients of a full digital bank license from the Monetary Authority of Singapore. The consortium aims to formally launch the digital bank in early 2022.