$3m boost for robo-advisory firm

Singapore-based digital wealth adviser StashAway has raised US$2.15 million (S$2.98 million) in funding from the family of Mr Francis Rozario, the founding chairman and chief executive of Asia Capital and Advisors. The funds will be used to help the company grow and further develop its robo-advisory platform.

"The financial backing and partnership from Francis Rozario and his family supports us in our pursuit to build and scale StashAway powerfully and meaningfully in Singapore, and soon throughout the Asia-Pacific," said chief executive and co-founder Michele Ferrario.

StashAway received in-principle approval for its capital market services licence last month from the Monetary Authority of Singapore.

S'pore delegation at TiEcon 2017

TiE Singapore, a non-profit association that aims to foster entrepreneurship, completed a trip to Silicon Valley earlier this month. The delegation, which included entrepreneurs, investors and government officials, attended technology conference TiEcon 2017.

Delegation members who spoke at the conference included Monetary Authority of Singapore chief fintech officer Sopnendu Mohanty, SGInnovate chief executive Steve Leonard and Mrs Ong-Ang Ai Boon, director of The Association of Banks in Singapore.

It was also an opportunity for 11 Singapore start-ups accompanying the delegation to network in Silicon Valley.

More funds for fintech start-up 4xLabs

Singapore fintech start-up 4xLabs has raised US$1.5 million (S$2 million) in its latest funding round. The fundraising included follow-up investment from Dymon Asia Ventures, and participation from new investors such as OSK Ventures International.

4xLabs aims to increase transparency in the market for travellers and money changers with its cloud-based services. The firm, set up in 2011, offers two platforms: Get4x, a currency exchange-rate aggregator platform for travellers, and Biz4x, a platform that helps money changers better manage their businesses. The funds will be used for product development and global growth, said chief executive Chris Vanden Berghe.

Get4x recently launched its cash aggregation services in five new cities: Dubai, Jakarta, Johor, Macau and Sydney. Existing markets include Bali, Bangkok, Hong Kong, Kuala Lumpur, Pattaya, Phuket, Singapore and Mumbai.

A version of this article appeared in the print edition of The Straits Times on May 23, 2017, with the headline 'Start@SG'. Print Edition | Subscribe