Singapore-based robo-advisor StashAway has ventured into its first overseas market by launching its services in Malaysia, becoming the first digital financial advisor in the country.
In a statement, StashAway said it recently acquired the capital market services licence from the Malaysia Securities Commission to carry out fund management activities.
“When you think about how 43 per cent of gross financial assets in Malaysia are in bank deposits, it’s clear that current investment options aren’t doing their jobs of enabling Malaysians to build their long-term wealth through intelligent investing.
“This huge amount of wealth sitting in cash proves that the financial services industry has failed thus far to equip Malaysians with the right investment tools,” said StashAway co-founder and group CEO Michele Ferrario.
The startup claims that more than 5,000 people have signed up to be on its waitlist.
Founded by former Zalora Group CEO Ferrario, former Nomura managing director and global derivatives strategy chief Freddy Lim and German tech engineer Nino Ulsamer in 2016, StashAway positions itself as an alternative to traditional financial advisors.
It operates on a monthly subscription model, using a robot advisor to aid clients in making investment decisions without the need for a consultant.
StashAway has a Capital Market Services License for Retail Fund Management from the Monetary Authority of Singapore. It last raised a $5.3-million Series A round to develop and enhance its investment service and technology as well as for regional expansion. To date, the startup has raised $8.4 million across three funding rounds.