Pivot Fintech, a Singapore-based digital wealth management technology service provider, announced today that the company has been granted the Capital Markets Services (CMS) license by the Monetary Authority of Singapore (MAS), which allows it to start offering its artificial intelligence-driven wealth management services platform in the city-state.
Pivot Fintech is a subsidiary of the Chinese financial technology platform Pintec which listed on Nasdaq in 2018. Pivot Fintech is Pintec’s first venture abroad. A nearer-term goal for the firm, at the moment, is to train a local AI talent pool in collaboration with Singapore educational institutions, Pivot Fintech CEO Victor Lye says in the company’s press statement.
Pivot Fintech’s digital platform leverages on predictive machine learning techniques to design, track, and balance investment portfolios according to an individual’s risk tolerance; it promises to “replaces human bias” when it comes to making investment decisions and to level the playing field between the retail investor and bigger institutions.
According to Statista data, the value of assets under management in by Singapore’s digital financial advisory services, sometimes also called robo-advisors, is forecasted to add up to US$9.05 billion by 2023.
In addition to newcomer Pivot Fintech, startups like StashAway, Smartly, and Autowealth are also looking at this space. Local banks such as OCBC and CGS-CIMB have also jumped onto the bandwagon. DBS, for instance, went on to differentiate itself by including equities, bonds, and active funds in addition to the usual exchange-traded funds (ETFs).
Editor: Nadine Freischlad