It also got its Capital Markets Services Licence.
Digital wealth manager Syfe has launched in Singapore following the approval of the Capital Markets Services Licence from the Monetary Authority of Singapore (MAS) and a $5.2m seed funding round.
Led by UK-based VC fund Unbound, Syfe raised $5.2m and is one of the largest seed rounds seen in Southeast Asia. The raise also included personal investments from industry leaders such as David Rogers, MD, State Street Global Advisors; Paul Redbourn, MD & Head of Equities, UBS Japan; and Philip Freise, Partner, KKR.
Since 2018, Syfe has been building a platform for passive investors that is both easy to use and affordable. It has no minimum investment and a low annual fee of 0.65% of the total amount invested.
Syfe operates on a risk-based system instead of a methodology that solely prioritises returns.
Dhruv Arora, founder and CEO of Syfe, said: “For too long the investment market has been too confusing and elitist. We believe wealth management should be accessible to as many people as possible, which is why our products embrace both technical sophistication and an easy-to-understand interface.”
Since its launch, Syfe has already been through a successful closed beta, which is now opening to the public.
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