Singapore-based United Overseas Bank (UOB) has unveiled a new investment tool called the UOB Income Builder that guides consumers on investing for their future.
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The solution, which comprises three investment funds, uses the basic investing principles of time, diversification and compounding to provide consumers more confidence when investing.
The three diversified funds are: the BlackRock Multi-Asset Income Fund, the JP Morgan Global Income Fund and the Schroder Global Multi-Asset Income Fund.
UOB said that the funds will invest in various geographical markets and asset classes, including equities, bonds and real estate investment trusts.
Additionally, the solution also includes a financial kit that features interactive videos and tools such as an online investment calculator to assist in meeting their financial goals.
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By GlobalDataWith a minimum investment amount is $1,000 a month, the new offering will be launched by the end of this year.
According to a survey conducted by UOB, half of the consumers in Singapore do not invest as they are afraid of making a loss (66%), while 60% do not understand how to invest and 55% do not understand investment products well enough.
Dennis Khoo, head of personal financial services for Singapore at UOB, said: "While market cycles cannot be controlled, we believe market risks can be managed better by investing on a regular basis over a long period of time in a diversified portfolio. Such a strategy is a more prudent and disciplined way of investing as compared with one that focuses on short-term gains.
"The funds in the UOB Income Builder are structured for this purpose because they offer investors a monthly or quarterly payout which they can then reinvest to generate even more savings for their future. Additionally, the funds use a diversified portfolio strategy which helps to make them more resilient to market cycles in the long term," he added.
