Singapore-based United Overseas Bank(UOB) Asset Management and telecom giant Singtel have announced a new robo-advisory service, media reports said. Both parties signed a Memorandum of Understanding (MoU) to make digital investments more accessible to users of Singtel’s Dash mobile wallet.
Arthur Lang, Singtel International Group chief executive officer, told the media, “Tapping on UOB AM’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.”
Both Singtel and UOB Asset Management have said that the new service should be launched by the first half of 2021. Both parties will explore opportunities to offer robo-advisory and other investment solutions through Singtel’s associates in the region, given the presence of both companies in Asia, including Indonesia and Thailand.
Earlier this year, Singapore-based state-owned investment company Temasek established a new asset management firm to help the company raise more funds independently. The new firm is called Seviora Holdings and it will have assets under management worth $55 billion.
It was reported that the new entity will be set up as the operational holding company for four existing asset management companies currently wholly-owned by or affiliated to Temasek. Those firms are Azalea Investment Management, Fullerton Fund Management Company, InnoVen Capital and Seatown Holdings International.
Temasek said that Seviora will be based in Singapore with its own management team. The primary focus of the firm will be to provide access to a range of investment strategies across return profiles, asset classes and geographies.