Robo adviser StashAway launches digital wealth app in Thailand
SINGAPORE-BASED robo adviser StashAway has launched its digital wealth app in Thailand, its fourth overseas market since its founding in 2016.
According to central bank data, people in Thailand are increasingly investing in overseas assets. But still, investors there remain overinvested in domestic assets compared to investors in Singapore and Hong Kong, said the company in a press statement on Thursday.
Tim Niranvichaiya, managing director of StashAway (Thailand), noted that more people in Thailand want to invest overseas to diversify their portfolios more effectively, but are unable to access these investment options easily because of how "complex and expensive" they are.
"That's where StashAway can make a significant difference to people's long-term financial success. It only takes a few minutes to sign up and access globally diversified, personalised portfolios with one transparent, all-inclusive fee," he said.
StashAway also has operations in Hong Kong, Malaysia and the United Arab Emirates.
It currently manages more than US$1 billion in assets and has raised US$61.4 million in six funding rounds. The company is backed by leading venture capital firms, including Sequoia Capital India, Eight Roads Ventures and Square Peg.
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As at end-March 2021, StashAway's annualised returns range from 15.9 per cent for its highest-risk portfolio, to 3.5 per cent for its lowest-risk portfolio in Singapore dollar terms.
Last week, its peer Syfe announced plans to enter the Hong Kong market over the next two quarters.
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