Singapore-based wealth management platform StashAway has expanded its presence to the UAE by launching services in the Dubai International Financial Centre (DIFC).
StashAway is said to be the first robo-adviser to obtain an asset management licence from the Dubai Financial Services Authority (DFSA) with retail endorsement. Both local and international clients in the region can now access the platform.
StashAway MENA general manager Ramzi Khleif said: “Following the success of StashAway in Southeast Asia, it was a natural path to expand the firm into a thriving region such as MENA, using the UAE as the gateway to our services.”
Khleif also noted that its offering aims to address a gap for “sophisticated, accessible, global investment options” in the UAE, which has a significant mass affluent segment that depends mostly on costly traditional investment products.
Founded in 2016, StashAway offers its services to retail and professional clients in over 145 countries.
The platform allows clients to select from a range of investment portfolios, based on their own personal risk preferences.
It also offers a cash management product dubbed StashAway Simple, with a projected rate of 1.2% in AED and USD on any cash amount with no lock-up.
The company is planning continuous product development in the coming months.
StashAway co-founder and CEO Michele Ferrario added: “The firm is now a team of more than 140 people across five countries working to bring the best experience to our clients. We look forward to helping them navigate the ups and down of the markets and to build their wealth over the long-term.”
StashAway’s assets are said to have grown over 4.3X in the last 12 months.
In July this year, the firm raised S$22.3m ($16.5m) in a Series C funding round to support its international expansion as well as accelerate product development.