SINGAPORE: OCBC Bank is piloting a robo-advisory service for investors to help them monitor and manage their investments, using an algorithm-based formula.
The online platform will offer clients direct advice on balancing investment portfolios without having to go through a relationship manager.
OCBC Bank will initially offer the scheme to accredited investors based in Singapore during the pilot. Under Singapore law, an individual accredited investor is a person who has more than S$2 million in personal assets including property, or made at least S$300,000 of income in the preceding 12 months.
The scheme, which is provided in partnership with WelInvest, a Singapore-based fintech firm, tracks five diversified portfolio of stocks and exchange traded funds listed on the Dow Jones and Nasdaq. Customers first complete a questionnaire, which determines their risk profile and investment goals. Based on this information, one of the five portfolios will be recommended and tracked.
The robo-adviser will then offer investment advice according to changes in economic and market conditions. Investors can choose to be alerted via SMS or email with proposals to rebalance their portfolio.
