Telecom major Singtel plans to expand its mobile financial service offerings by rolling out a robo advisor. The development will be carried out by the telecom in partnership with UOB Asset Management.
The robo-advisor is expected to make digital investments more accessible to users of Singtel’s mobile wallet and is expected to be out in the market by the first half of 2021.
Arthur Lang, Singtel International Group CEO, told the media, “We aim to democratize access to digital investments for our customers who value simplicity, affordability and convenience when managing their finances on a digital platform.”
It is reported that the partnership will assist digital cash Dash to foray into the wealth management segment and achieve its digital and financial inclusion goals by expanding the app’s mobile financial service offerings.
Dash, which was launched in 2014, is among the largest non-bank mobile wallets in Singapore and has more than 1 million registered users. The app has forayed into other segments such as restaurant bookings and insurance apart from payments and mobile remittance services.
Furthermore, Grab along with Singtel aims to launch the digital bank in early 2022. Singtel has obtained a full digital bank license from the Monetary Authority of Singapore.
Singtel has ramped up its 5G testing in Singapore by using 28 GHz mmWave spectrum, in addition to the 5 GHz and 2.1 GHz bands and looks to launch 5G services in the country soon. The Covid-19 pandemic has seriously disrupted several Southeast Asian companies.