Singtel, UOBAM to launch mobile robo-adviser for individual investors

SINGAPORE Telecommunications (Singtel) and UOB Asset Management (UOBAM) are collaborating to roll out "dynamic and personalised" robo-advisory investment solutions for individuals next year.

This will be done through Singtel's Dash mobile wallet, both companies said in a joint statement on Monday. They have signed a memorandum of understanding for the tie-up.

Dash customers will be able to access a customised mobile robo-adviser, which uses technology, data analytics and algorithm-based tools to provide advice on investment products.

It will enable users to invest in a portfolio of exchange-traded funds, managed funds and/or other asset classes within the Dash app.

The investment portfolios will be personalised for each customer, based on their risk profile, investment horizon and financial goals.

The Dash mobile robo-adviser is expected to launch by the first half of 2021.

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This offering is meant to make digital investments more accessible to consumers, "empowering them to grow their wealth simply and smartly", said the telco and UOBAM.

It will also mark Dash's foray into wealth management and further its goals of digital and financial inclusion.

The two parties said that this is the first collaboration of its kind between a non-banking mobile wallet and a regional asset management firm.

Singtel and UOBAM will also explore opportunities to offer robo-advisory and other investment solutions through the telco's associates in the region, given both parties' presence in Asian markets, including Indonesia and Thailand.

Arthur Lang, chief executive officer (CEO) of Singtel's international group, noted the growing interest in online investing, and said both companies aim to democratise access to digital investments for customers "who value simplicity, affordability and convenience when managing their finances on a digital platform".

UOBAM CEO Thio Boon Kiat said that while individuals appreciate the simplicity and ease that robo-advisers offer, they are also focused on the credibility, security and long-term viability of such solutions.

As homegrown firms with a regional presence, Singtel and UOBAM can provide individual investors with a greater peace of mind, Mr Thio added.

Dash has expanded beyond payments and mobile remittance to include other financial and lifestyle services such as restaurant bookings, travel insurance and an insurance savings plan.

Shares of Singtel were trading at S$2.34 as at 10.13am on Monday, up S$0.03 or 1.3 per cent, while UOB rose S$0.34 or 1.5 per cent to S$23.11.