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.
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By GlobalDataAccording 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.