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Singapore’s Retail’s Investors reach for digital Personal Financial Management tools

Dean Young
By Dean Young
on Sep 16, 2016

The economic headwinds rattling Singapore shores are an opportunity for Singaporeans to be even more forward-thinking in their wealth management and in their adoption of new technology.

Robo-advisors (automated advisory platforms), like Bambu and Smartly, are winning market share in Asia. These digital platforms offering online, customised investment advice, are flourishing in the region as Asia drives private wealth growth. The Boston Consulting Group predicts that private wealth in the Asia-Pacific (excluding Japan) will surpass Western Europe by 2019, reaching a projected US$55.2 trillion in private wealth in the next 3 years. With this, the Asia-Pacific region will represent 26% of the global financial wealth in 2019.

With the wealth management market set for significant regional growth, it is no coincidence that the Singaporean Fintech WeInvest launches a new personal wealth management tool called Trackwealth. Designed to enable Singaporean investors to securely track and manage their personal investments, TrackWealth users are able to aggregate their retail banking, and brokerage accounts, real estate investments and their Central Provident Fund (CPF) and Central Depository (CDP) accounts. TrackWealth provides a consolidated view of their wealth; enabling more informed decisions about their investments.

Trackwealth will be the very first fully automatic wealth-tracking tool for Singaporean Investors. The tool helps users assess their investment health; including portfolio performance, Income & Expense, cashflows and allocations across regions, asset classes and currencies.

Essential to TrackWealth is the secure financial data consolidation enabled by the eWise Personal Data Vault which encrypts and stores financial data on the end user’s personal device.

In changing times, knowledge is power and we’re delighted to be working with WeInvest in the delivery of a world-class personal wealth management tool. Together with Weinvest, we’ll help Singaporeans make informed decisions about their investment options while championing data privacy regulations. When times are changing it’s vital that Singaporean families have the most innovative tools to manage their finances, and in Trackwealth, they have an invaluable ally.

Read the press release

    
Dean Young
Written by Dean Young
Dean is Head of Product Management @ eWise. With over twenty years’ experience in the financial industry, Dean is an expert commentator on customer management strategies based on his extensive work with retail banks across the world in helping them to optimize customer relationships. Dean’s experience covers online and mobile banking strategies, and how banks must adapt to changes in customer behavior.

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