SINGAPORE - Singtel Dash has released a new digital adviser that lets users manage their finances on their mobile phones.
The robo adviser, which is being operated by UOB Asset Management, is the first such adviser to be integrated with a mobile wallet in Singapore.
Sustainable solutions are included in the suite of services, noted Singtel and UOB on Tuesday (Dec 21).
Singtel added that the collaboration with UOB Asset Management "gives consumers convenient access to affordable wealth management solutions using technology".
Dash customers can start investing with the new robo adviser with as little as $1. They will have to pay annual advisory rates of 0.6 per cent to 0.8 per cent.
The adviser will help them to build a personalised portfolio based on their risk profile, financial goals and investment horizon.
It offers two portfolio options - Global and Global Impact - that invest in a combination of actively-managed funds and passively-managed exchange-traded funds across diverse industries and geographies.
The Global Impact portfolio is designed for customers "seeking to grow their wealth in a smart and sustainable way", the two firms said.
"It provides them with investment opportunities in companies that integrate environmental, social and governance (ESG) considerations into their strategies and operations."
Interest in sustainable investing has also grown, UOB said. A recent survey by the bank showed that 80 per cent of respondents here want more ESG-focused investment solutions so that they can help create a positive impact on the environment or society while achieving financial returns.
Dash customers can invest on the go with the robo adviser by setting up an account within the app.
This account can be topped up through eNets or PayNow. The top-up mode will include automatic deductions from the Dash wallet by the first quarter of next year.
Dash has about 1.2 million users and offers payment services, mobile remittance and insurance.
Mr Gilbert Chuah, Singtel's head of financial and lifestyle services at consumer Singapore, said: "This new investment service delivers on our commitment to make it simple, affordable and convenient for Dash customers to manage their finances and build their wealth. Customers can also tap on the investment expertise of an asset manager with a strong track record of optimising returns."
Robo advisers have grown in popularity in the last few years.
OCBC said the number of its RoboInvest customers has increased four-fold since 2019, with investments also jumping by the same factor.
The number of transactions on DBS' digiPortfolio - including new portfolio openings and top-ups - doubled between January and September over the same period last year.
UOB Asset Management recorded a 52 per cent increase in sign-ups for its robo adviser from the second to the third quarter of this year alone, with about 30 per cent of users under 30 years old.
Mr Faizal Gaffoor, its group chief marketing officer, said: "Our collaboration with Singtel represents a step forward in the way we offer robo-advisory solutions to consumers.
"We are expecting steady growth in the first year of our launch."