Singapore-headquartered digital investment platform Syfe has expanded its footprint to Hong Kong as part of its wider Asia expansion strategy.
The firm secured a licence from the Securities and Futures Commission (SFC) in Hong Kong that permits dealing in securities, advising on securities, and asset management.
Launched in 2019, Syfe provides personalised and custom portfolios based on a passive, long-term investment strategy that reduces costs.
The firm is backed by venture capital firms including Peter Thiel-backed Valar Ventures, Unbound and partners from DST Global.
Syfe closed its Series B round last July, bringing its total funding to date to $52.4m.
Syfe founder and CEO Dhruv Arora said: “We see tremendous potential in the Hong Kong market given the current nascent stage of growth for digital wealth management platforms coupled with a high savings rate and rising cost of living.
“As we grow our presence in Hong Kong, Syfe will continue to introduce unique solutions to meet the needs of users who are eagerly seeking new ways to grow their wealth. We are very confident of succeeding in Hong Kong as we have in Singapore.”
Hong Kong expansion comes as Syfe’s pushes its geographical expansion plans to foray into multiple markets by the end of this year.
The firm said that it is committed to transforming the way people manage money and making high-quality financial services accessible and affordable.
Dhruv said: “With Syfe making its entry into Hong Kong, the company is now firmly present in two of Asia’s leading wealth management hubs. We will continue to make broad strides toward our vision of being the leading digital investment platform across Asia.”