Wealth manager and brokerage firm Charles Schwab opened up shop in the Lion City, and is taking aim at private banks.
The launch follows a successful system integration and accounts migration in Singapore from optionsXpress, a derivatives trading platform Charles Schwab (Schwab) acquired in 2011, the firm said in a statement.
Through its proprietary tools and research and competitive pricing, Schwab believes it can prise business from traditional providers in Southeast Asia's leading wealth hub.
Taking Aim at Private Banks
The launch in Singapore aims to improve investor access to the U.S. markets which have been hindered by high transaction fees as well as the perception of distance and unfamiliarity. Schwab will be led in Singapore by managing director, Greg Baker.
«What we mean by improving access is that one no longer needs to be a private banking client to access quality service and a comprehensive platform like this,» said Baker.
Robo Adviser Success
With financial institutions rushing to offer digital financial advice, earlier this year Schwab launched a service that combines its automated investment management technology with human advisers.
The service, called Schwab Intelligent Advisory, provides clients with a financial and investment plan, unlimited access to a human adviser via phone or video conference, and an investment portfolio of exchange-traded funds managed by computer algorithms.
