FinTech companies are targeting Singapore wealthy and wealthy apps.

The private banking industry, which has long been defined by personalized services by relevant managers, has been in the intersection of Fintech companies that want a slicing business that grows rapidly for wealthy people. There is.

Newcomers prefer to be aggressive and mixed in partnerships with luxury brands and high -social events to identify potential clients. Their business models use artificial intelligence to provide the same services as private banks, claim lower rates, and provide a few staff members as needed.

Since its release in Singapore last October, US FinTech Arta Finance has actively advertised apps equipped with AI in social media, and it was once faster, more expensive in cost -efficient way. He claims to provide abilities for people. The company has brought advertisements to several subway stations in the wealthy areas of urban state. “Can your private bank do this?” One of the catchphrases.

Alta is a newcomer in Singapore and has more than a year of experience on the lawn at home. However, the investors include celebrities such as former Google CEO Eric SC HMIDT and EX-UBS CEO Ralph Hamers.

One of the ARTA sales points is that the investment value is significantly low. Clients can access private assets, including hedge funds, and can invest only $ 25,000 in their products, compared to the typical $ 200,000 to $ 250,000, which is imposed by many private banks. Masu.

MOOMOO, a popular trade and investment platform, has also worked on this law in a new division targeting high -Internet individuals and family offices in Singapore. MOOMOO has already confused the local stock brokerage industry, with a much lower fee and a mobile app.

MOOMOO PRIVATE Wealth is a client with more than $ 1 million, along with the services of the Relationship Manager and the professional trading teams, as well as accessing a wider range of financial assets.

“We wanted to apply the same principle of making it easier to access investment. Using a high -tech platform, we complemented the personalized services expected by the highnet individuals.” Gavin Chia, CEO of MooMoo Singapore, said in an advertisement earlier this month. 。

Alta and Moomu are not the only players who are trying to establish a foothold in Singapore, one of the major global hubs in private banking alongside Switzerland and Hong Kong. According to Singapore currency authorities, there are about 40 welstechnology companies targeting the city’s various customer segments.

The management consultant company McKinsey estimates that the high and extremely high online individuals in the Asia -Pacific region are $ 21.7 trillion assets. The wealthy individuals have at least $ 1 million investments, but the ultra -high net assets are more than $ 50 million, as McKinsey defines.

Private banks provide access to alternative investments that are not usually used by retail investors. These include private equity, venture capital, hedge funds, loans issued by companies, and structured products.

Private banks can also support customers setting trusts and other structures for taxes and legacy plans.

CHANDRIMA DAS, a veteran entrepreneur with an investment management background, believes that FinTech companies can provide services effectively to lower private banking clients. However, capturing a very expensive internet segment can bring a very big task.

“People with more than $ 50 million assets under management have a completely differentiated level of services,” said Robo Advisor Vent, which was acquired by Grab in 2016. Currently, DAS leads Teleskop, a platform that consolidates various users’ investments for simpler references. And management.

ARTA advertisements are frequently delved into private banks, but targets a more broad market in Singapore and the Asia -Pacific region. Singapore requires an annual income of over $ 300,000 (about $ 220,000), a pure financial assets of more than $ 1 million, in a certified investor status.

In contrast, many private banks want clients to maintain at least $ 5 million in their accounts. According to news reports, UBS, the world’s largest wealth manager, has shown a plan to close thousands of small accounts of about $ 2 million or less last year as part of a low -profit relationship cleanup. did.

FinTech companies for wealthy investors are also facing several obstacles.

Zennon Kapron, an analyst in the FinTech industry, stated that new entrants need to quickly expand their scale to justify their huge initial investment. “The assignment is that billions of AUMs are needed to be useful because the Robo margin is very low.”

TELESKOP’s DAS added that the success of new customers may not cause large AUM inflow. Private banks may impose higher rates and commissions, but most investors will continue to park most of their assets in banks for greater security.

Some private banks are delaying their technical skills, but other banks such as DBS private banks have invested a lot in AI and digitalization, and according to DAS, they claim that newcomers are enjoying them. The edge is slow. DBS is rewarded for a “plant” strategy that uses technology to amplify face -to -face physical interactions with clients, and nine in 10 wealthy customers monitors the portfolio using apps. He said that he would do a 24 -hour transaction.

AMANDA ONG, a Country Manager in Singapore, said that there are new generations who are used to technology.

“Many competitors have completely not accepted shifts to integrate technology with personalized services,” she said.

Senior IT Executive and Investor Kuna NallaPan said that platforms such as MooMoo and Schwabs are excellent in the fields such as daytime and margin transactions compared to the Playbate Banking apps he uses. He said he was providing.

FinTech companies are facing many challenges, but their appearance has been forced to adapt and innovate in the private bank industry. This competition ultimately benefits wealthy investors, with more options and more sophisticated and more expensive solutions to manage wealth.