Digital robo-adviser Smartly throws in towel

Singapore

SINGAPORE'S nascent robo-adviser space has reported a casualty - digital advisory firm Smartly will shut after fewer than three years in the business.

And with its demise coming at the time of heightened market volatility, customers being forced to liquidate their portfolios could be smarting from realised losses.

Smartly said "intense" competition in the digital advisory space has led to the "difficult" decision, according to a note seen by The Business Times on its website.

"We are writing to inform you that we have taken the difficult decision to cease Smartly's operations in Singapore.

"As you may know, competition in the digital investment advisory space is intense and maintaining a high service standard on the platform has been challenging. Despite initially contemplating core platform improvements, strategic corporate consideratio…