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July 28, 2020

UOB Asset Management introduces robo-advisory app for retail investors

UOB Asset Management (UOBAM), a subsidiary of United Overseas Bank, has introduced a robo-advisory app for retail investors in Singapore.

The app, dubbed UOBAM Invest, will enable the users to invest in personalised and dynamic portfolios based on personal risk profiles and financial goals.

The launch comes two years after the asset manager rolled out UOBAM Invest online portal for corporate investors in Singapore.

FNZ Group was UOBAM’s technology partner in the launch of this robo-advisory app.

UOBAM CEO Thio Boon Kiat said: “UOBAM is the first regional asset management firm to offer a robo-adviser with personalised portfolios for retail investors. We have an established track record in managing risks actively while optimising returns.

“Given the current market volatility from the impact of the Covid-19 pandemic, we want to bring the benefits of our risk-based approach – one that is trusted by institutional investors – to more retail investors through UOBAM Invest. This is so that they can also attain their financial goals with greater certainty.”

The newly launched service does not carry account opening or closing fees, while retail investors can start investing from S$1.

UOBAM Invest has also integrated MyInfo, a national digital identity service, to expedite account opening process. Alternatively, the investors can submit necessary identification documents through the mobile app.

The users can also use PayNow, a peer-to-peer funds transfer service, to transfer funds into their Digital Adviser account.

The advisory fee stands at 0.8% per annum and 0.6% per annum for investments up to S$25,000 and above S$25,000 respectively.

The customised investment portfolio will be developed from exchange-traded funds (ETFs) across different asset classes.

Subsequently, the retail investor can review the viability and adjust the investment portfolios based on financial goals and confirm it.

They can also track their investments in real time through the app.

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