Calastone, the largest global funds network, today announced that StashAway, Singapore’s first Monetary Authority of Singapore (MAS) licenced digital wealth manager, has connected to its network for the automation of investment funds processing.
Digital wealth managers, or robo-advisors, are gaining traction in Asia, driven by the emergence of a new generation of young investors, who look for digital, low-cost investment solutions. McKinsey & Co. recently reported that robo-advisors globally could manage up to US $13.5 trillion worth of assets by the end of 2020.1 StashAway, the first robo-advisor to receive a full capital-markets services license from MAS, has seen its user base grow to over 100,000 in September, an increase from 80,000 users at the end-July2.
StashAway leverages new technologies to build better customer experiences and to curate quality investment products for investors at a lower cost. The firm has been expanding its client base and is well-positioned for further growth in Asia. By connecting to Calastone via an Application Programming Interface (API) route, StashAway will leverage Calastone’s market leading technology - Distributed Market Infrastructure (DMI) - to promote its offering to a global audience.
Leo Chen, Managing Director, Head of Asia, at Calastone, said “The asset management industry is increasingly focused on product and service innovation but the intense fee competition and ever-increasing costs are also creating huge pressures on industry players, including robo-advisors. This is where the role of technology comes in,”
He added, “StashAway’s connection to Calastone via API gives it more control over its positions with on-demand access to all its fund trade data passing through our network, vastly improving their ability to adapt quickly to any market changes.”
Freddy Lim, Co-founder and CIO, at StashAway said: “Since our launch in 2017, we have never stopped innovating and enhancing our offerings to investors. Technology allows us to help our clients build investment portfolios and provide financial advice in an affordable manner. We are excited to join Calastone’s network and look forward to utilising the new services made available through the DMI, which will ultimately improve our competitiveness and benefit our customers.”
Calastone’s business is fast expanding in Asia, with a noticeable escalation in fund transactions across Hong Kong, Singapore and Taiwan. Through leveraging distributed ledger technology, Calastone enables its clients to meet the demands of the emerging, tech-savvy investors while transforming the funds industry as we know it.