Singapore-based digital private wealth management platform Kristal.AI has reportedly launched a digital family office to cater to the growing wealth and legacy needs of its clients.
Concurrently, the firm also launched a Singapore Variable Capital Company (VCC) to streamline its offering to its client base, which consists of wealth managers, individual investors, and single-family offices.
VCC is integrated as an umbrella entity with multiple sub-funds, with each fund consisting of independent investment strategies, in-house funds, as well as single-family office portfolios.
Both digital family office, and VCC propositions are aimed to offer more convenience to its investors at a lower cost.
Kristal.AI founder and CEO Asheesh Chanda noted that the number of HNW indivuals, especially first-generation wealth creators, are increasing.
“Many of them are seeking to tap into Asia’s booming investment landscape, of which Singapore sits at the very heart of,” he added.
According to Chanda, Kristal.AI’s new propositions will enable the firm to offer a more strategic and flexible way to manage their assets while providing with access to the greater regional market.
He further said: “As a wealth manager for the digital era, we can also give them the sort of sophistication, transparency and efficiency that only a digital-first platform can provide”.
In January last year, Kristal.AI raised $6m in a Series A funding round to foray into new international markets.
In 2018, raised more than $1.8m in a seed round led by Chiratae Ventures.
Founded in 2016, the firm leverages a patented genetic algorithm to recommend and create personalised portfolios for its customers.