Singapore’s OCBC Bank has teamed up with local fintech firm WeInvest to pilot a robo-advisory service that will allow users to invest in stocks and ETFs through automated algorithm based portfolio management advice.

Selected participants will be able to invest into two categories of investment portfolios, with investment starting from S$3,000.

The first category has five diversified portfolios of equities and exchange traded funds listed on the Dow Jones and Nasdaq.

The bank added that its robo-platform will recommend a portfolio to customers by conducting a questionnaire to determine customers’ risk profile and investment goals, and will then automatically monitor the selected portfolio.

The second category will allow users to invest in a thematic basket of stocks listed on the Dow Jones and Nasdaq that includes technology firms, and fast-moving consumer goods companies.

OCBC Bank head of e-business for Singapore Aditya Gupta said: “Robo-advisory is no longer just a buzzword in the Fintech space. With this initiative, we will bring simple, fuss-free and high-quality advice and investing to our time-starved customers.

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“This is another step towards the ‘democratisation’ of wealth management – making wealth management simpler and more accessible for investors.”

The plarform is initially aimed at accredited investors, those with net personal assets of over $2m, but will later also be available for non-accredited investors.