The Singapore-based digital wealth manager said there is a gap in wealth management options in MENA and wants to tap the growing mass affluent segment there.
Stashaway has rolled out its platform in the United Arab Emirates (UAE), where it has become the first digital wealth manager to get an asset management license from the Dubai Financial Services Authority (DFSA) with retail endorsement, it said in an announcement on Monday.
The company said its launch is a «natural path to expand the firm into a thriving region.»
«The UAE has a large mass affluent segment that has had to rely on traditional investment products that are often expensive and generic. We identified this gap in the market for sophisticated, accessible, global investment options and we are excited to launch our services here in UAE and the wider MENA region,» Ramzi Khleif, Stashaway MENA general manager, said in the announcement.
Strong Growth
Stashaway, which has seen its assets under management grow more than 4.3 times in the last 12 months, said it plans to develop its platform and products to build on this momentum.
Founded in Singapore in 2016, Stashaway offers a data-driven digital wealth management platform for retail and accredited investors with no minimum balance, no sales charge and management fees of between 0.2–0.8 percent.
It was the first robo-advisor to receive a full capital-markets services license from the Monetary Authority of Singapore, and has since launched in Malaysia. It recently partnered funds network Calastone to automate investment funds processing. It has raised $36.4 million so far across four funding rounds. It employs more than 140 people across five countries.
