Singapore gets robo-advisor for women

Singapore gets robo-advisor for women

Miss Kaya, a new Singapore robo-advisor aimed at women is promising to "simplify and demystify" money management.

The brainchild of former hedge fund manager Gina Heng, the licensed service says that it wants to empower women to achieve their long-term financial goals.

Heng says that currently the "jargon, financial lingo, analogies, and more, all are designed to be relevant to those already familiar with finances. This makes it daunting for the modern woman to feel confident with their personal finances or feel eager to invest."

Initially available to high net worth people, Miss Kaya takes into account customers' goals, risk appetite and profile information, and then develops unique portfolios along with a specific timeline and suggested recurring contributions.

The service has tailored investment algorithms that take into account the fact that women tend to live longer and face different lifestyle costs.

Heng is also looking beyond purely investment advice, offering budgeting tools and an e-wallet with a Miss Kaya debit card to help users "remain financially responsible".

"Miss Kaya not only wants to help women in making successful decisions in investing," she says, "but also achieve confidence in managing their own finances and ultimately reaching their life goals."

Heng is following in the footsteps of former BofA and Citi executive Sallie Krawcheck, who last year managed to get tennis ace Venus Williams onboard as an investor in her woman-focussed robo advisory startup Ellevest.

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