Singapore-based robo-advisor StashAway has launched its services into Malaysia.
The platform is currently being deployed to more than 5,000 people to have signed up to the waiting list. The company is planning to open up to the public later this month.
StashAway is a robo-advisor that can help personalise diversified portfolios of exchange-traded funds. The platform starts off by asking questions regarding goals, risk, and how much the user is willing to invest each month, in order to build a personal portfolio.
Investments will be managed and re-adjusted by the technology, but users can increase or decrease monthly deposits, change risk, withdraw funds, create more portfolios or manage their investments on any platform. Consumers can set targets such as retirement, buying a home, child education funding, or just general investing, with a personal strategy being implemented to help achieve the goal.
The company launched its services in Singapore in July last year, and was the first robo-advisor to operate with a CMS license, the company said.
StashAway co-founder and CEO, Michele Ferrario, said, “When you think about how 43% of gross financial assets in Malaysia are in bank deposits, it’s clear that current investment options aren’t doing their jobs of enabling Malaysians to build their long-term wealth through intelligent investing.
“This huge amount of wealth sitting in cash proves that the financial services industry has failed thus far to equip Malaysians with the right investment tools.”
Earlier in the year, the company bagged $5.3m in its Series A round of funding which was supported by a number of family offices.
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